Slingshot SEO, a search optimization company, announced Monday it would cut workers and hire a new CEO to replace Jay Love, who left in April after nine months on the job.

Spokeswoman Kate Snedeker said the layoffs are part of a restructuring effort, although she declined to release how many employees were let go.

Slingshot was founded by three friends from Zionsville High School and was once touted by Gov. Mitch Daniels and Mayor Greg Ballard as proof of Indiana's entrepreneurial culture.

The company said in February that it planned to invest more than $685,000 in its current space at 8900 Keystone Crossing, with the Indiana Economic Development Corp. offering up $1.15 million in performance-based tax credits for the job creation plans.