Haider Jamal

Aug 04, 2022

Why Michael Saylor Stepped Down As CEO Microstrategy

Following the shock of Michael Saylor stepping down as MicroStrategys CEO, with his replacement being the companys President and CFO Phong Le, we now have an offiical explanation from Michael justifying his decision.

Saylor clarified that the primary responsibility of a CEO is to run a software company. He claims that the decision to make Phong Le CEO was made as the company grew to 2,200 employees and gained thousands of customers. There had hence reportedly been a succession plan in the works for about two years, with Phong first becoming COO and then President.

As Michael emphasized, MicroStrategy officially entered into a Bitcoin strategy while Phong was the companys President. Moreover, the now former MicroStrategy CEO stated that this was the underlying reason for the company to promote Phong to President and CEO.

Michael also stated that he has been wanting to take on the role of Executive Chairman for some time, and that he was going to step down as CEO eventually.

From now on, Michael will continue to serve as the Chair of the Investments Committee, which supervises the companys Bitcoin acquisition strategy, and his primary role will be advocacy, education, and innovation, with a focus on technology leadership opportunities.

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