Bitcoin-evangelist and billionaire Michael Saylor has stepped down as the Chief Executive Officer of MicroStrategy – one of the world’s largest corporate holders of Bitcoin. He will continue to serve the company as executive chairman of the board.
The news comes as part of MicroStrategy’s Q2 2022 Financial Results Presentation, which explains that Phong Le – the company’s president and former CFO – will take over as CEO.
This marks the first time Saylor has pivoted from his joint role as chairman and CEO since founding the company in 1989.
In a statement, Saylor explained that relinquishing his CEO position will better allow the firm to pursue its objectives of growing its software business, and acquiring 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 President since July of 2020 and helped lead the implementation 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.
Upon beginning his term as CFO in July, Le clarified that MicroStrategy remained committed to its Bitcoin HODL plan under his watch.
The road has hardly been easy, however. Per its Q2 results, MicroStrategy suffered a digital asset impairment charge of $917 million due to Bitcoin’s falling price. In Q2 2021, the company suffered a $417 million Bitcoin impairment charge.
MicroStrategy currently holds 129,699 Bitcoin, per Saylor’s latest update on the company’s holdings. These coins held a value of $1.98 billion as of June 30th.