Sony Pictures Entertainment chairman and CEO Michael Lynton is stepping down from his role to become the chairman of Snap, the company behind Snapchat. Lynton along with his wife, Jamie Alter, were the early investors in the company after they saw their daughters using the Snapchat service.
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. The exiting CEO will stay on the payroll for another six months as he works with overall Sony Corp chief Kazuo Hirai to find a replacement boss for the firm's US-based entertainment division.
Hirai will take the title of chairman and co-CEO of Sony Entertainment during that time and will gain an office at the company's Culver City, Calif. offices.
Hirai said he wanted to thank Lynton for his strong leadership at Sony throughout his illustrious career. The media executive said that he has been involved with Snapchat and its co-founder Evan Spiegel since its early days and "decided the time was right for transition".
"I leave Sony with great pride in all we have accomplished together."One possible restructure, therefore, would be for Sony to mirror Universal Music in having publishing ultimately report into the record company's top management; though that might be easier to achieve whenever 75 year old Sony/ATV chief Marty Bandier decides to retire. In April of 2016, he was appointed as CEO of Sony Corporation in charge of Pictures and Music businesses.
The entertainment industry is undergoing major transformative changes, and Lynton's expertise in the media and entertainment space had been invaluable. In 2012, he was named CEO of Sony Entertainment which oversaw Pictures and the conglomerate's music companies.
"I don't know exactly whether he understands the sequence of events that led up to the movie not being shown in the movie theaters", Lynton said.
Sony later released the movie online.