The news comes as part of MicroStrategy’s Q2 2022 Financial Results Presentation, which explains that Phong Le – the company’s president and former chief financial officer – will take over Michael Saylor’s position.
This is the first time Saylor has diverged from the role of chairman and CEO since founding the company in 1989.
In a statement, Saylor explained that relinquishing his position will allow the company to pursue its goal of growing its software business and earning more 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,” said Saylor.
Le has served as MicroStrategy’s president since July 2020 and helped lead the execution of MicroStrategy’s Bitcoin acquisition strategy.
“I look forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies,” he said.
Starting his term as CFO in July, Le clarified that MicroStrategy remained committed to his Bitcoin HODL plan under his supervision.
However, Le’s upcoming road will not be easy. According to Q2 results, MicroStrategy recorded a loss of digital assets amounting to $917 million due to the drop in Bitcoin price. In Q2 2021, the company suffered a loss of $417 million.
MicroStrategy currently holds 129,699 Bitcoins with a value of $1.98 billion as of June 30, according to Saylor’s latest update on the company’s assets.
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