Bitcoin fanatic Michael Saylor steps down as CEO of MicroStrategy

Cloud software company MicroStrategy today announced that Michael Saylor, a Bitcoin attorney who had served as the company’s CEO since 1989, will step down as CEO and move into a new role as executive chairman.

Phong Le, chairman of the company, will assume the role of CEO of MicroStrategy, which is currently the public company with the largest Bitcoin cash. The changes take effect on Monday, August 8, and according to Saylor, the distribution of roles will allow him to focus even more on the business of the business. Bitcoin assets.

“I will remain a senior company executive and chairman of the board, in addition to serving as chair of the investment committee and leading our bitcoin acquisition strategy,” Saylor said during the earnings call. the company’s second quarter of 2022 on Tuesday. “My goal is to advocate and educate bitcoin, such as with the Bitcoin Mining Council, and to be the spokesperson and envoy for the global bitcoin community.”

Describing the move as “the expansion and reorganization of the management team”, Saylor said it was a decision made seven years ago.

“It was carefully considered and planned by the leadership of the board over many years,” he said. “It was clear to company watchers that [Le] was the heir apparent.”

When asked what changes he wanted to make as CEO, Le said “it’s a transition from the status quo.”

“We are very aligned with how to run an enterprise software company and very aligned with the Bitcoin acquisition strategy,” Le said. “I don’t foresee any significant changes – the biggest change we’ve seen is [Chief Financial Officer Andrew Kang] joined us two months ago to lead the financial organization.

“We’re actually expanding the management team with Andrew, a full-time finance executive,” Saylor clarified. “Our balance sheet has grown with our debt offerings and our ability to issue equity and the explosion in value of our business from $600 million to $5.5 billion means the finance function has become a part-time job. full.”

“The three of us are a great team and we work well together,” he added.

Ahead of the earnings call, the company released a press release announcing the change of management.

“I believe separating the roles of Chairman and CEO will allow us to better pursue our two business strategies of acquiring and holding Bitcoin and growing our enterprise analytics software business,” Saylor said in the press release. “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 all company operations. “

As of June 29, MicroStrategy held 129,699 BTC, or approximately $2.99 ​​billion at today’s prices. By the companythe coins were acquired at an average price of $30,664 each, meaning the company is currently underwater on its investment.

Editor’s note: This article has been updated to add comments on the company’s quarterly earnings call and to clarify that the leadership changes will take effect next week.