Sony Entertainment CEO Michael Lynton will on 2 February reportedly step down as he plans to focus on his role as the chairman of the board of Snap Inc., owner of Snapchat. Lynton spent 13 years at Sony.
Lynton, 57, will technically step down February 2, however, he will remain co-CEO of Sony Entertainment, overseeing the Pictures and Music businesses, and as CEO of Sony Pictures Entertainment and Sony Corp. of America for the next six months.
Hirai will take on the additional role of chairman/co-CEO of Sony Entertainment.
Michael Lynton dropped a late Friday bomb on Hollywood in the form of his resignation as CEO of Sony Entertainment and Corporate Executive Officer of Japan's Sony Corporation. I am confident that the broad changes we have made and the terrific new management team we assembled over the last few years will strengthen the company overall, and position it for greater growth in the future. In April previous year, he was appointed CEO of Sony Corporation in charge of Pictures and Music businesses.
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He'll remain with Sony for the next six months to oversee the transition.
Lynton's close ties with Snapchat were infamously exposed following the Sony hack in December 2014. Following the cyberattacks and threats of violence, Sony chose to cancel the movie's release, prompting outrage in Hollywood and Washington. Lynton said in his memo.
Sony later released the movie online. He is the head of Sony Entertainment business. "With the exception of their television unit, they just can't seem to get their footing". Lynton, who has held the top spot at the Culver City movie and TV studio over a decade, will devote his time to the chairmanship of the board of Snapchat ahead of its IPO planned for later this year.
The entertainment industry is undergoing major transformative changes, and Lynton's expertise in the media and entertainment space had been invaluable.