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Monday, July 8, 2019

-=MicroStrategy (MSTR) : slides 9% to five-month lows after disclosing in regulatory filing the resignation of two executive officers, initiation of search for new CFO

  • On July 1, 2019, Kevin Norlin, Senior Executive Vice President, Worldwide Sales and a named executive officer of MicroStrategy, tendered his resignation from the Company. In addition, effective July 8, 2019, Stephen H. Holdridge, Senior Executive Vice President, Worldwide Services and an executive officer of the Company, tendered his resignation from the Company.
  • Related to these changes, Phong Le, the Company's Senior Executive Vice President, Chief Operating Officer & Chief Financial Officer, will assume the duties and responsibilities of head of Worldwide Sales and Services, effective immediately. In June 2018, Mr. Le was appointed to serve as the Company's Chief Operating Officer to help coordinate cross-department operations and oversee critical business activities. By having Mr. Le assume leadership of the sales and services businesses at this time, the Company is flattening the organization and streamlining leadership of its revenue-generating businesses, further aligning Mr. Le's responsibilities as Chief Operating Officer with the Company's strategic vision and revenue growth objectives.
  • As part of that reorganization and in order to allow Mr. Le to spend more time on these new responsibilities, the Company has also begun a retained search for a new Chief Financial Officer. Mr. Le will continue serving as the Company's Chief Financial Officer until the new Chief Financial Officer is appointed.

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