A major change was announced on Tuesday in MicroStrategy, one of bitcoin's great whales (quotation BTC). Michael Saylor will step down as CEO and become executive chairman, allowing him to focus his efforts on the company's BTC buying and holding strategy.
In a webinar showing operational results for the second quarter of 2022, Saylor, who has been a benchmark in the Bitcoin ecosystem, reported that he will remain chairman of the board and executive director of the company. However, he resigns as executive director of technology and business intelligence company MicroStrategy after 33 years, the duration of the institution's founding.
According to the executive, his efforts will now focus primarily "on innovation and long-term business strategy". He will continue to oversee the bitcoin buying strategy, serving as head of the board's investment committee.
"I believe that dividing the roles of president and chief executive officer will allow us to better pursue our two business strategies of buying and owning bitcoin," said Saylor during the webinar.
"As executive chairman, I will be able to focus more on this aspect and on bitcoin promotion initiatives," he said.
Phong Le, who will now assume the position of executive chairman of the company, has served as president since July 2020 and has also held other executive positions since joining MicroStrategy in 2015. He will now lead the execution of the company's business strategies, as well as manage all commercial operations.
A normal business transition?
According to Le, the takeover is nothing more than a "normal business transition that leads us to further clarify the roles within the organization with our employees, with our customers / partners and with shareholders".
And I'm not planning any significant changes. The most important change was the arrival, two months ago, of Andrew Kang, who now heads the company's finance organization. This gives me more time to run the company and gives Michael Saylor more time to focus on business strategy ”- Phong Le, new CEO of MicroStrategy.
In the webinar, Phong Le reported that MicroStrategy holds 129.699 bitcoins in its wallets, worth approximately $ 1,988 billion. This represents a cumulative loss in value of US $ 1,989 billion from the purchase of these assets due to the negative market.
The takeover of MicroStrategy will take effect on Monday, August 8, 2022, when the company begins preparing "for the next phase of business growth," as Saylor said.