An iconic figure in the crypto industry leaves the post of CEO of MicroStrategy and moves to another position. There is a possibility that he may retire from his new position.
Michael Saylor is stepping down as CEO and moving into the newly created position of Executive Chairman. The new CEO will be Phone Le, who previously served as president, chief financial officer and chief operating officer of the company.
“I believe that the separation of the roles of chairman and CEO will allow us to better implement corporate strategies for acquiring and holding bitcoins, as well as developing business in the field of enterprise analytics software. As Executive Chairman, I will be able to focus more on the crypto asset acquisition strategy and related advocacy initiatives of the company, while Fong, as CEO of the company, will be empowered to manage general corporate operations,” Mr. Sailor explained.
Although the company does not comment on the reasons for the rotation of senior staff, critics, who are not satisfied with the work of Michael Saylor as head of MicroStrategy, did not fail to note that they see confirmation of the “Peter Principle” regarding his transfer to a new position, which says: “Each employee advances through the ranks. until he reaches his level of incompetence.”
A number of external experts shared
his opinion on the Reddit forum that the main reason for Sailor’s departure from the position of CEO could be the dissatisfaction of MicroStrategy investors with the company’s financial results. Some of them suggested that MicroStrategy’s personnel decision is trying to reassure investors and convince them that all key processes remain under control.
In addition, the transition to a new position will allow Michael Saylor to “save face” if necessary, resign.
In a discussion on the forum, there was a version that MicroStrategy could separate investments in cryptocurrencies into a separate, and possibly independent, division that would remain under the leadership of Sailor. Thus, the financial consequences of investing in crypto assets will not be reflected in the company’s business in the field of software development.
As a reminder, MicroStrategy’s loss from operations in the second quarter of 2022 increased to $918.1 million compared to $414.2 million in the second quarter of 2021. Net loss for the second quarter of 2022 was $1.062 billion, or $94.01 per share. The original market value of MicroStrategy’s bitcoins was $3.977 billion. As of June 30, 2022, the book value of MicroStrategy’s digital assets (approximately 129,699 BTC) has fallen to $1.988 billion, reflecting cumulative digital asset impairment losses of approximately $1.989 billion.
Source: Bits
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