MicroStrategy CEO Michael Saylor Steps Down as Phong Le Takes Over

Source : coinspeaker.com

While Saylor’s role will now be in the background, MicroStrategy will now be led by Phong Le who has been named the new CEO. 

American business intelligence, software, and cloud services provider MicroStrategy Incorporated (NASDAQ: MSTR) has announced that its co-founder, and CEO Michael Saylor will be stepping down from his role as the Chief Executive Officer. While Saylor’s projected exit from the CEO’s role is billed to take effect from August 8, the veteran will maintain his seat as the Chairman of the board of directors of the company.

Michael Saylor has been at the helm of affairs at MicroStrategy since the firm was founded in 1989. The more than three decades of reign came with a lot of important milestones including but not limited to the listing of the company on the Nasdaq Global Select Market back in 1998. The company, under Michael Saylor, has faced quite a lot of headwinds including crackdowns from the Securities and Exchange Commission (SEC) which made the company lose as much as $4 billion in a single day back in 2000.

Saylor is even more popular at this time as he has changed the company’s primary reserve asset to Bitcoin since August 2020. To date, Saylor has led the company to acquire the premier digital currency even amidst unfavorable conditions called “crypto winters” on the bet that the digital currency has a good propensity for growth in the near future.

Saylor has raised convertible bonds, taken loans, and used investors’ money to acquire Bitcoin taking the company’s total BTC in its portfolio to more than 129,000, the highest of any non-crypto native Wall Street firm today.

In his role as the chairman of the company, Saylor is going to be focusing more on innovations as well as on its Bitcoin strategy.

“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,” Saylor said in a statement.

MicroStrategy Inc’s Phong Le to Step up as CEO

While Saylor’s role will now be in the background, MicroStrategy will now be led by Phong Le who has been named the new CEO. 

Phong Le joined the company as far back as 2015 and has served in crucial positions within the firm including its Chief Financial Officer and Chief Operating Officer respectively. Through his expertise, Phong Le helped the company break its best performance records back in 2021, and was instrumental in leading the company’s transition to “the cloud, driven growth in enterprise and embedded analytics, and led the implementation of the Company’s pioneering bitcoin acquisition strategy.”

Phong Le will be wearing Saylor’s shoes and per his words, he looks “forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies.

Bitcoin News, Business News, Cryptocurrency news, News

Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Leave a Reply

Your email address will not be published.