Tysons business software company MicroStrategy Inc. (NASDAQ: MSTR) is seeing more turnover in its C-suite.
Chief Revenue Officer Kevin Adkisson said Wednesday he would step down from his position, effective immediately, the company revealed in a document filed with the Securities and Exchange Commission. He’ll continue to serve as a nonexecutive employee in an advisory capacity to assist with the transition, the company said, for a not-yet-determined length of time.
The announcement of Adkisson’s departure comes three months after MicroStrategy disclosed Chief Technology Officer Timothy Lang had announced his intention to retire. Lang gave notice on March 30 that he would retire on April 14, the company said, and he spent the time from April 14 to June 30 serving as a nonexecutive employee in an advisory capacity, while receiving his prior benefits and salary.
We reached out to MicroStrategy for more information on the departures and will update this story when we hear back.
MicroStrategy provides software to businesses in a range of industries to help them gather and monitor data and intelligence. In August 2020, under founder and former CEO Michael Saylor, it also began investing in cryptocurrency and today holds more than 150,000 bitcoins. Saylor stepped down as CEO in August to focus more on bitcoin advocacy but remains the firm’s executive chairman.
His successor, Phong Le, is both CEO and president of MicroStrategy. However, following Lang and Adkisson’s departures, the responsibilities of both the chief technology officer and chief revenue officer will be folded into Le’s job, the company said. It’s unclear if the changes in Le’s job description are permanent or temporary.
Adkisson spent six years at MicroStrategy, according to his LinkedIn page, and held the title of chief revenue officer starting in January 2022. In that job, he oversaw sales, which have stalled in recent quarters and fell slightly from 2021 to 2022. While MicroStrategy has yet to report second-quarter results, MicroStrategy’s first-quarter revenue totaled $121.9 million, up 2% from the same period a year earlier. For the final quarter of 2022, MicroStrategy reported $132.6 million in revenue, down 1.5% year-over-year.
Lang spent more than eight years as chief technology officer at the firm, according to his LinkedIn profile.
During the most recent earnings call, Le noted that revenue was down or slowing in certain areas, perhaps due to a combination of seasonal trends and broader economic pressures. “How the rest of the year will go is hard to anticipate,” Le said at the time. “But I do think at this point in time it’s…good to be prudent overall.”
That said, the company paid $347 million in cash to acquire 12,333 bitcoins between April 29 and June 27, for an average price of $28,136 per coin, according to a filing from last month. The purchases brought MicroStrategy’s holdings to 152,333 bitcoins.
The price of MicroStrategy’s stock has more than doubled over the course of 2023 and was trading at $391.13 on Monday afternoon.