Phong Le will replace Michael Saylor as the company’s new CEO
Michael Saylor is stepping down as CEO of MicroStrategy, the business intelligence firm he co-founded in 1989.
Saylor will assume the role of an executive chairman, focusing more on the company’s Bitcoin acquisition strategy and other initiatives related to the largest cryptocurrency.
The Bitcoin advocate has handed over the baton to top executive Phong Le, who has served as the company’s president since July 2020.
MicroStrategy is the largest corporate Bitcoin holder. In June, the firm bought $10 million worth of Bitcoin despite facing a reckoing due to falling prices.
Saylor has repeatedly defended the company’s Bitcoin-accumulating strategy after his audacious bet backfired. MicroStrategy’s crypto-related losses topped a whopping $1 billion in June.
The shares of the company are down 2% in after-hours trading.