August 12, 2022

MicroStrategy founder Michael Saylor is stepping down as CEO, as the business software company reported a loss of $917.8 million in Bitcoin (BTC) during the second quarter.

in a new way an interview With CNBC, Saylor says the decision to exit his position and take on the new position as CEO of MicroStrategy has nothing to do with the company’s Bitcoin losses.

There is no relationship between the transition period and this write-off. It’s a non-cash write-off and our investors are looking into it as do the board and the officials.”

MicroStrategy’s president, Vong Lo, will take over as the company’s new CEO. According to Saylor, reorganization puts people into roles in which they are most effective.

“Fung has been the company’s president for the past two years and heir to the CEO. He held the position of president and chief financial officer until May of this year.

Given the scale of the balance sheet, and the opportunities before us, the company really needed a dedicated, world-class CFO, so when Andrew Kang joined us in May, we ticked that box. This paved the way for Phong to rise to the position of President and CEO. He’s an extraordinarily talented CEO and that will make him even more effective.”

Saylor says his new position as president of the company will allow him to focus more on being an advocate for Bitcoin.

“I have emerged as an important advocate and spokesperson for the Bitcoin community on a global basis. This will allow me to take on the role of CEO where I can be a more fervent supporter of Bitcoin while Fong and Andrew run the company’s operations, and implement MicroStrategy’s ongoing business strategy.”

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