Microstrategy’s Saylor Steps Down as the Company’s CEO

August 3, 2022

MCP News Free

Microstrategy’s Saylor Steps Down as the Company’s CEO

After 33 years as the company’s CEO, Bitcoin advocate Michael Saylor has stepped down as the Microstrategy CEO to enable him to focus on the Bitcoin acquisition strategy.

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Microstrategy Separates CEO from Chairman Roles

In a recent announcement by the software company Microstrategy, the company has separated the position of the CEO and the chairman of the company after its former CEO Saylor filled up his position with his deputy.

Following Saylor’s resignation as the company’s CEO, Micheal Saylor will be ascending to the position of Microstrategy executive chairman, according to Saylor, he plans to acquire more Bitcoin and leave the software business in the hands of the new CEO.

“I believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business,” Saylor said in the statement.

“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.”

Microstrategy was established in 1989, the company was made public in 1998, and since its establishment, Micheal Saylor has been its CEO.

The move to separate the CEO and executive chairman positions was disclosed following Microstrategy’s announcement of its second-quarter earnings which showed the company’s total revenue dropped by 2.6% compared to a year ago.

Saylor’s Microstrategy also recorded an impairment charge of $918 million on the value of its digital assets, presumed to be Bitcoin majorly.

Phong Le is the company’s new CEO, Mr. Le has been serving as the company’s president since 2020, he has also served in different senior positions in the company prior to his ascension to the position of president.

Mr. Le in response to the new announcement said that;

“I’m honored and excited to continue leading this truly innovative organization, as President & CEO. Our people and our brand carry incredible momentum. I would like to reinforce our commitment to our customers, shareholders, partners and employees, and I look forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies.”

For the last two years, Microstrategy has been buying Bitcoin, currently, Saylor’s Microstrategy has now spent nearly $4 billion acquiring Bitcoin for an average price of $30,700. The company has also used its debt to purchase Bitcoin.

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