MicroStrategy, a company that makes cloud-based software, revealed that its CEO, Michael Saylor will be assuming as its new executive chairman.
MicroStrategy President, Phong Le, will take over as CEO.
The change went into effect today.
MicroStrategy’s new executive chairman
The company stated in its press release, “As Executive Chairman, Mr. Saylor will focus primarily on innovation and long-term corporate strategy, while continuing to provide oversight of the Company’s Bitcoin acquisition strategy as head of the Board’s Investments Committee.”
Saylor says that he will be able to focus even more on the firm’s Bitcoin holdings now that he has two different jobs.
“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,” MicroStrategy CEO Saylor said in a press release.
MicroStrategy’s new CEO
Meanwhile, according to the company, Phong Le has served as its president since July 2020. He has also served in several other senior executive positions since joining the company in 2015, including Chief Financial Officer and Chief Operating Officer.
In 2021, Le successfully managed the company’s operations and delivered one of the best operational and financial years in its history in 2021.
“He has successfully led the transition of the software business to the cloud, driven growth in enterprise and embedded analytics, and led the implementation of the Company’s pioneering bitcoin acquisition strategy,” the statement said.
As President and new Chief Executive Officer, Le is expected to lead MicroStrategy’s corporate strategies and manage all business operations.
“I would like to reinforce our commitment to our customers, shareholders, partners and employees, and I look forward to leading the organization for the long-term health and growth of our enterprise software and Bitcoin acquisition strategies,” Le said.
Bitcoin possession
MicroStrategy, as of June 28, has in its possession 129,699 Bitcoins or around $2.99 billion at current pricing. According to the company, the cryptocurrencies were purchased at an average price of $30,664 per, resulting in a negative return on investment.
MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTRhttps://t.co/leQYTXn817
— Michael Saylor⚡️ (@saylor) June 29, 2022
Currently, MicroStrategy is the public company with the most Bitcoins.
MicroStrategy was founded in 1989 and went publicly in 1998.