Another C-Suite exec is leaving NoVa’s MicroStrategy

As of this month, Tysons, Virginia data and business intelligence software company MicroStrategy no longer has an official chief revenue officer.

According to a Securities and Exchange Commission filing, Senior Executive VP and Chief Revenue Officer Kevin Adkisson resigned from his post on July 5, effective immediately. President and CEO Phong Le took over Adkisson’s sales duties.

“Mr. Adkisson will remain with the Company as a non-executive officer employee in an advisory capacity for a transition period that has not yet been determined,” the filing reads.

This is the second high-level departure for MicroStrategy in 2023, as CTO Timothy Lang retired in April. Le himself came to the role of CEO after founder Michael Saylor, left his role in August 2022 to reportedly focus on his cryptocurrency work. The following month, DC Attorney General Karl Racine filed a suit against Saylor, saying that he falsely claimed residency in Miami, Flordia, and failed to pay DC millions of dollars in income taxes (on the topic of turnover, Racine also left his post earlier this year).

MicroStrategy did not respond to a request for comment on the news.

The suit was the result of a whistleblower complaint against Saylor that claimed he had lived a luxurious lifestyle in DC without paying his share of taxes. The suit was against Saylor, not MicroStrategy, but the whistleblower complaint alleged that a salary change for Saylor in 2014 helped keep the company out of hot water.

“Citing the difficulties facing the Company, Saylor announced that he was accepting a reduced annual salary of $1.00, claiming that his pay cut was an act of service and investment in the Company,” the whistleblower complaint reads. “In reality, Saylor’s compensation adjustment served a more cynical personal purpose — it allowed him to continue circumventing District income taxes without implicating the chief financial officer or other financial professionals at MicroStrategy in the scheme.”

MicroStrategy made headlines in 2020 when it purchased 21,454 bitcoins for $250 million as a capital allocation strategy in November of that year. In the time since, the company continued to push forward with Bitcoin purchases. As of June 2022, MicroStrategy said it owned 129,699 bitcoins — a $1.988 billion value but a $1.989 cumulative impairment loss.