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

in a new interview On CNBC, Saylor said the decision to step down and take on the new role of MicroStrategy’s executive chairman has nothing to do with the company’s bitcoin losses.

“There is no relationship between the transition and the write-off. It is a non-cash write-off that will be carefully considered by our investors as well as by the board and management.”

MicroStrategy President Phong Le will take over as the company’s new CEO. According to Saylor, the restructuring is putting people in their most effective roles.

“For the past two years, Phong has been the successor to the company’s president and chief executive officer. He has served as president and chief financial officer until May of this year.

Given the size of the balance sheet and the opportunities that lie ahead of us, the company does need a world-class dedicated CFO, so when Andrew Kang joined us in May, we ticked that box. This clears the way for Phong to become president and CEO. He is a very talented executive which will make him even more efficient. “

Saylor said his new role as the company’s chairman will allow him to focus more on being an advocate for bitcoin.

“I have become a valued advocate and spokesperson for the global Bitcoin community. This will allow me to take on the role of Executive Chairman, allowing me to become Bitcoin’s leader as Phong and Andrew manage the company’s operations and execute on MicroStrategy’s ongoing business strategy. More passionate advocates.”

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may suffer is your own responsibility. Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets and Daily Hodl is not an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.

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