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Sony Entertainment's CEO is stepping down to go all in as Snap's chairman ahead of IPO
(Michael LyntonDavid McNew/Getty)
Sony Entertainment CEO Michael Lynton is stepping down from his position to focus on another role: Chairman of Snap Inc.
Lynton has been a trusted adviser to Snap's Evan Spiegel and on the board of Snapchat's parent company since 2013. He's now been recognized officially as chairman of the board at Snap, according to The New York Times.
In a memo to staffers, published in the Hollywood Reporter, Lynton said he was leaving Sony to focus on his growing responsibilities as chairman of the company on the edge of an IPO.
"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," Lynton said in his note to the company.
He'll remain with Sony for the next six months to oversee the transition. Snap declined to comment.
Lynton's close ties with Snapchat were infamously exposed following the Sony hack in December 2014. Lynton's leaked emails exposed the inner-workings of the secretive company, including the unannounced acquisition of Vergence Labs which became the basis of Snap's recently released Spectacles smart glasses.
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