Sony Entertainment CEO Michael Lynton is to leave the company to serve as chairman of the board for Snap Inc. creators of Snapchat. The move comes as Snapchat prepares for an IPO later this year which could value the company at over $25 billion.
Lynton wrote in a memo to Sony employees
Today I will be announcing my resignation from Sony to focus on my position as Chairman of the Board of Snap Inc. This was not an easy decision for me, and one that I arrived at after long and careful consideration.
As some of you are already aware, I have been involved with Snapchat since its early days. Given Snapchat’s growth – and my growing role and responsibilities in it – I recently determined that the time was right to make a change.
He will remain at Sony for an additional six months to assist with the leadership transition. Sony CEO Kaz Hirai will be looking to fill the newly vacated position.
While the stepping down of Lynton does not directly affect Sony Interactive Entertainment which manages the PlayStation brand, he was involved in bringing some of Sony’s films to market like Skyfall and The Social Network as well as TV series Breaking Bad.