Strategy CFO Andrew Kang resigns as company posts record operating profit

Strategy MSTR$141.62·Market Closed Chief Financial Officer Andrew Kang resigned and will step down on Nov. 5, the largest corporate holder of bitcoin said in a Thursday filing.

Kang informed Strategy of his intention to resign for personal reasons on Oct. 26, the company disclosed as it reported record quarterly operating income.

The decision was “not the result of any disagreement” relating to the company’s operations, policies or practices, it said. He will remain in an advisory capacity through Dec. 31.

Reza Virasteh, currently executive vice president of operations, will replace Kang on Jan. 1, serving as co-principal financial officer alongside President and CEO Phong Le, who will oversee the finance organization during the transition.

Finance responsibilities will be divided, with Le retaining oversight of bitcoin strategy, capital markets, treasury and investor relations. Virasteh will primarily manage the finances and budget of Strategy’s software operations.

Strategy reported about $21 billion in third-quarter operating income. The company said it had raised $21 billion in capital year to date and held 848,517 bitcoin as of Oct. 25, up 26% since the start of the year.

MSTR common shares fell 6.4% in pre-market trading Friday, while bitcoin fell 3.3% over 24 hours. The company’s STRC preferred stock was flat at $99.45.

*UPDATE (Oct. 30, 10:06 UTC): Rewrites headline, adds bitcoin in last paragraph.*