Michael Saylor Steps Down As MicroStrategy CEO To Focus On Bitcoin
- Michael Saylor has stepped down as the CEO of MicroStrategy and will assume the sole responsibilities of the Chairman of the software company
- On the other hand, the president of MicroStrategy, Phong Le, has been named as the new CEO of the firm, according to a report
Michael Saylor, the renowned Bitcoin proponent and billionaire, has recently stepped down as the Chief Executive Officer of the world’s largest corporate Bitcoin holder MicroStrategy. However, from August 8, he will serve the company as executive chairman of the board of Directors.
As per the press release published on Tuesday, Phong Le, the company’s president, will now serve as the CEO and as a member of the board of Directors.
Since founding MicroStrategy in 1989 and making it public in 1998, Michael Saylor has served as the CEO and Chairman of the Board. Under Saylor’s direction, MicroStrategy has evolved into a market leader in business intelligence, providing services to some of the most prestigious businesses and government organizations in the world.
More recently, MicroStrategy adopted bitcoin, a ground-breaking financial technology, as its main treasury reserve asset, making it the first publicly traded company to do so. For the past two years, MicroStrategy has been adding bitcoin to its corporate balance sheet. At an average cost of $30,700 per bitcoin, the business has now spent almost $4 billion on the world’s largest cryptocurrency.
According to the release, Saylor will oversee the Company’s bitcoin acquisition strategy in his role as head of the Board’s Investments Committee while concentrating primarily on innovation and long-term corporate strategy.
Michael Saylor commented on the shifts of the roles by stating that splitting the roles of Chairman and CEO will enable the company to better pursue its two corporate objectives of growing its enterprise analytics software business and acquiring and holding Bitcoin.
“As Executive Chairman, I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage overall corporate operations.”he added.
On the other hand, Le, who has served as President since July 2020, stated:
“I look forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies.” Notably, upon starting his term as the CFO, he clarified that the company is committed to focusing on its Bitcoin HODL strategy under his leadership.
The announcement coincides with the company’s Q2 earnings release, which show a 2.6% decline in total revenues from the same period last year. Additionally, the business reported an impairment charge of $918 million related to the value of its digital assets, most likely bitcoin.