Bitcoin advocate Micheal Saylor is leaving his role as the CEO of MicroStrategy, the business intelligence firm he co-founded in 1989. The news came during the company’s report of its second-quarter earnings on Tuesday.
Saylor will now take the back seat as the company’s executive chairman. Phong Le, one of the company’s top executives will now step up as the firm’s CEO.
According to Saylor, separating the positions will allow the firm to better pursue its two strategies – acquiring and holding Bitcoin, and growing its analytics software business.
In his new capacity as the executive chairman, the soon-to-be former CEO will focus on the firm’s Bitcoin acquisition strategy. All changes will become effective from August 8.
The soon-to-be former CEO of the largest corporate holder of Bitcoin has been in charge since its inception. This has spanned over three decades.
During his period in charge, Saylor recorded several wins and losses. He led the firm to several acquisitions of Bitcoin as a staunch supporter of the digital asset. Microstrategy now has 129,699 BTC in its holding.
Amidst the crash in Bitcoin price in June when prices went below $18,000, the firm stacked up an additional 480 BTC.
MicroStrategy’s crypto-related losses topped a whopping $1 billion in June but Saylor kept faith with the coin. He said it is “HODLing through adversity” and there’s no plan to offload.
In April, the Bitcoin crusader announced plans to integrate digital assets into his company’s employee 401(K) retirement plan account. It became the first subscriber to Fidelity’s Bitcoin-backed 401(K) account.
The incoming CEO Phong Le will be combining his current role as the company’s president. Le joined the firm in 2015 and has served in several positions.
Interestingly, he played a crucial role in the firm’s transition to cloud-driven growth in embedded analytics. He also contributed to the company’s pioneering bitcoin acquisition strategy.
Le is now tasked with managing the company’s overall corporate strategies. He says he looks forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies.