BitTorrent CFO Dipak Joshi has stepped in as interim CEO after co-CEOs Robert Delamar and Jeremy Johnson and laid of an unknown number of staffers, were seen leaving the building wth their belongings and pot-plants in recycled photocopy paper boxes. The company is also closing its Los Angeles-based production studio and shuttering its BitTorrent Now video streaming efforts.
All this seems to indicate that BitTorrent’s renewed focus on media under the leadership of Delamar and Johnson.
BitTorrent founder Bram Cohen told staff earlier this week of the changes, but layoffs apparently began as early as two weeks ago. Delamar and Johnson were also removed from the company’s board of directors. They had only been in the job since April.
Insiders now say that the company spent millions of dollars on Now, with one source saying that spending was “out of control.”
This wouldn’t be the first time for BitTorrent to pull the plug on an ambitious and expensive media strategy: Back in 2008, the company shut down its BitTorrent Entertainment Store after spending millions for content from major Hollywood studios.