Micheal Saylor to Transition to Executive Chairman

Micheal-Saylor-to-Transition-to-Executive-Chairman
  • Bitcoin’s Michael Saylor is leaving his role as the CEO of MicroStrategy.
  • Phong Le will take over as the CEO from his post as President.
  • The changes are expected to take effect on Aug. 8.

Michael Saylor, a maximalist in the Bitcoin (BTC) camp, has announced that he will leave his post as president and CEO of MicroStrategy, the company he helped create in 1989. In a filing with the U.S. Securities and Exchange Commission (SEC), Saylor said he would relinquish his role as CEO but remain with the business intelligence software firm as its executive chairman.

MicroStrategy announced that Saylor will assume the new position of executive chair at the firm, while president Phong Le will take over as CEO, in a Tuesday statement on its second-quarter earnings for 2022. The changes are anticipated to occur on August 8th.

“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.”

Before combining his job as the president of MicroStrategy with those of the company’s current CFO, Le ran the firm’s finance department since August 2015. According to MicroStrategy, Le will continue to serve as both president and CEO in “handling day-to-day execution of the company’s corporate objectives” while Saylor will focus on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives” in his new role as executive chair.

Meanwhile, Le stated that he doesn’t anticipate any immediate management adjustments for the firm and has been aligned with Saylor on the firm’s business and bitcoin strategy since their time together.

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