The CEO of Sony Entertainment Michael Lynton is set to step down next month to become the chairman of the board of Snapchat parent company Snap Inc.
"Today I will be announcing my resignation from Sony to focus on my position as Chairman of the Board of Snap Inc.", Lynton wrote in a memo to Sony employees.
Lynton has been with Sony for 13 years, beginning as chairman/CEO of Sony Pictures Entertainment and expanding in 2012 to CEO of Sony Entertainment. Snap has been experiencing rapid growth in the a year ago, and along with the recent launch of Snapchat's Spectacle, the company is said to be making plans for an initial public offering in the near future. "I leave Sony with great pride in all we have accomplished together".
Hirai will take on the additional role of chairman/co-CEO of Sony Entertainment.
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The Harvard-educated Lynton was a respected leader in Hollywood, but his regime suffered multiple blows, particularly the 2014 hack of the studio's computers that led to a series of embarrassing revelations about internal operations.
The White House blamed North Korea for the devastating cyberattack as retaliation against Seth Rogen's "The Interview", a controversial, fictional comedy portraying the assassination of Kim Jong-un. The announcement was made on Friday. Lynton said in his memo. That's right, the most popular social media app among teenagers just landed the former CEO of Sony Entertainment. The media executive now serves as both chief executive of Sony Entertainment and Sony Pictures.
Lynton was working primarily from the company's NY offices, which some insiders say had left a vacuum of leadership in Culver City.
"The entertainment industry continues to undergo some of the most transformative changes it has ever seen, and Michael's vast experience and expertise in the entertainment and media space has been invaluable in charting a path forward through this new landscape", Hirai said.