Veoh cuts 36% of workforce, dumps CEO

Video hosting site Veoh has cut 36% of its workforce and has dumped its CEO.

25 people have been laid off, leaving the company with 45 employees reports NewTeeVee. Veoh Founder Dmitry Shapiro is taking over as CEO and Steve Mitgang is no longer with the company. This is the third round of cuts for Veoh in six months, having closed its Russian office (15-18 employees) in October, and then laid off 20% of employees in November.

Veoh said would be focusing its efforts of "Video Compass," a browser toolbar that offers up related videos to users when they are on sites such as Google and YouTube.

Veoh has raised $69.5 million to date from investors including Intel, Adobe, Time Warner and others.