Updated at 4:35 p.m.

SureID laid off many of its top executives Wednesday, a day after The Oregonian/OregonLive reported the Hillsboro company had replaced its CEO.

Current and former employees said SureID eliminated at least eight, and perhaps as many as 12, executive and managerial positions Wednesday.

Wednesday's departures include chief marketing officer Doug Wheeler, vice president Janine Carnel, marketing director Aaron Cohen, sales director Cash Best, operations director Ray Larson and chief information officer Abrar Ahmed, the company said in response to inquiries on each executive's job status. The Oregonian/OregonLive confirmed separately that SureID also laid off engineering vice president Mike Portwood.

Remaining SureID personnel did not return calls seeking an explanation for the dramatic cutbacks in the company's top ranks. It's not clear whether SureID is paying severance to laid-off workers; one person laid off Wednesday indicated he will not receive severance.

The company appears to be in crisis after losing the U.S. Navy as a major client in April. The company laid off 160 or more in May, according to former employees. While SureID did not announce it had replaced founder Steve Larson as CEO, it disclosed on its website that longtime company president James Robell is now CEO.

In 2015, SureID said it had arranged to borrow as much as $25 million from Goldman Sachs. Former employees say the company exhausted that money rapidly and had been seeking to borrow more.

Current employees say Goldman Sachs now has personnel on site in Hillsboro, overseeing the company's spending. Workers say they fear there will be additional layoffs this week.

Originally known as Eid Passport, SureID makes technologies to help large organizations verify the identities of people seeking access to their sites. The Navy, a key client, severed ties with SureID after federal inspectors determined the Oregon company's RAPIDGate technology had allowed people onto military installations who were not eligible to visit the sites.

SureID is privately held but its ownership is unclear. The company's board consists primarily of retired military leaders and nonprofit foundation managers, along with one individual identified as working for an unnamed European private equity fund. It's not clear if that fund has any stake in SureID.

SureID has said it had $40.6 million in revenue in 2014, the only year for which it has reported any financial data. The company said it had 545 employees in 2015.

Update: This article has been updated with confirmation of several additional layoffs and a narrower estimate of May layoffs.

-- Mike Rogoway; twitter: @rogoway; 503-294-7699