Crypto and Blockchain News
The Former Microstrategy Chief Michael Saylor Shares Why He Gave Up Firm’s CEO Position
Michael Saylor, the former CEO at Microstrategy, has finally spoken about his decision to step down as firm’s chief.
Yesterday Michael Saylor appeared in an interview with ‘Yahoo Finance Live’. The interview discussed Saylor’s decision to step down as Microstrategy’s CEO and his role in the firm now.
“This is my decision,” @MicroStrategy CEO Michael Saylor says on stepping down as CEO. It’s been “many, many years in the making. … I’ll remain the chair of the investments committee…” pic.twitter.com/cqY8OfaP8c
— Yahoo Finance (@YahooFinance) August 3, 2022
The former Microstrategy’s chief stated that basically the CEO’s job in the firm is like running a software business. He disclosed that the decision to make Microstrategy’s former CFO and the president, Phong Le the, CEO was considered after the incredible growth of the firm, in which the number of individuals employed reached 2,200 and thousands of customers were added.
Saylor said that they had been working on Phong Le’s succession as Microstrategy’s CEO for four years, first making him COO and then, a couple of years back, the president.
Saylor noted that as the company entered into crypto and the firm’s balance sheet grew by billions, in Phong Le’s tenure as CFO, it was felt that the company needs a permanent individual at that position and then Andrew Kang was hired as Microstrategy’s new CFO, during May 2022. In this regard Saylor further stated:
“to elevate Phong to be President and CEO and I have been wanting to assume the role of Executive Chairman, so this is my decision many years in the making.”
As for his present role in the firm, Saylor stated that people do not realize that he is the controlling shareholder of the firm and is Microstrategy’s chair of the board. Saylor added that he will continue as the head of Microstrategy’s investment committee and will oversee the firm’s strategy on Bitcoin. Saylor concluded that his role in the Microstrategy will now be of ‘advocacy education and innovation, working on technology leadership opportunities’.
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