Michael Saylor is stepping down as Microstrategy CEO starting on Aug 8.
Take Away Points
- Microstrategy announced the splitting of roles Between the CEO and Chairman
- The effect is taking place from Aug 8, 2022, as Phong Le becomes the CEO and Michael Saylor the Executive Chairman.
- The former CEO, Michael Saylor said the splitting of the roles will help them to focus on the pursuit of their two corporate strategies of acquiring and holding bitcoin, and growing the enterprise analytics software business.
Microstrategy Splits Role between Michael Saylor and Phong Le
The company announced this in the second quarter financial report of 2022. According to the press release starting from Aug 8, Saylor will step down as the CEO and assume the position of Executive Chairman. He will also be the Executive officer of the company and chairman of the board of directors.
According to the report, Phong Le, the company’s President will now replace Saylor as CEO and will also be a member of the board of directors.
Mr. Saylor while reacting to the announcement, said that sharing the roles will help them focus on how to grow the enterprise.
“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. 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 said.
The new CEO and President of the company, Mr. Le commented that he will make stronger their commitment to the customers, employees partners, and shareholders. He hoped to lead the company to new growth. trajectory.
“I’m honored and excited to continue leading this truly innovative organization, as President and 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,” Mr. Le said.
The History of Saylor and Le
Michael Saylor has served as Microstrategy’s CEO and Chairman of the Board for 33years. He has led the company to become the first publicly traded company to adopt bitcoin according to reports.
Phong Le, who joined the company in 2015, has served as the President and in other senior executive positions. According to the press release, Mr. Le has “successfully led the transition of the software business to the cloud.”
MicroStrategy is an enterprise that provides business intelligence, mobile software, and cloud-based services according to the report. Their revenue report states they made $122.1 million for the second quarter of the year, a 2.6% decrease, 1.7% increase on a non-GAAP constant currency basis, compared to the second quarter of 2021. Loss from operations for the second quarter of the year was $918.1 million, compared to $414.2 million for the second quarter of 2021 as stated in the report.