Michael Lynton, the Sony Entertainment CEO will resign his position and move to Snap Inc.
Michael Lynton, the former Sony Entertainment CEO will resign his position and move to being Snap Inc’s Chairman of the board.
The Sony Corporation is a Japanese multinational. It is based in Tokyo, Japan. The conglomerate activates in a number of areas. Its principal businesses are divided as follows. The Sony Picture Entertainment and also the Interactive Entertainment Groups. Sony Mobile and also Sony Music Entertainment and Financials groups.
Sony Pictures Entertainment or SPE is an entertainment company. It is based in Culver City, California and was founded in 1987. The company is specialized in acquiring, producing, and distributing various entertainment types. These are released through several platforms. SPE encompasses the television production, distributions, and motion picture units.
Michael Lynton is quite a Sony veteran. He has been with the company for around 13 years. He started in 2004. At the time, Lynton was named CEO and chairman of SPE. In 2012, he was named the Sony Entertainment CEO. Lynton was in charge of the company’s entertainment and music groups.
Last Friday, the company released an official statement. In it, it announced that Michael Lynton will be leaving the company. He will go on to become the Snap Inc. chairman of the board. Snap Inc. is perhaps best known for Snapchat.
Michael Lynton was faced with some difficult times. Two years ago, the company was faced with a corporate hack. The leak included various information. Proprietary information and employee Social Security numbers. It also included top executive emails.
Lynton will not be directly leaving his position. He will remain on board for a further six months. During this period, Kazuo Hirai will be looking for a replacement. Hirai is the Sony Corporation CEO and President.
SPE has not been going through its easiest times. The hack was just one of the company’s problems. Another one comes from its movie division. The latest company releases did not meet expectations. According to September reports, the TV area surpassed movie profits.
Michael Lynton will also be trying to ensure a smooth transition between him and his successor. He went to offer further details. More exactly, the reported reason behind his departure.
Lynton pointed out his involvement with Snap Inc. He was involved from the very beginning. Presently, Lynton decided to focus on Snap. His decision reportedly came based on Snap Inc.’s recent growth.
It was also based on his growing role within the company. And the increased responsibilities that come with it. Lynton stated he has reached a decision. More exactly, he determined that the time for a change has come.
Michael Lynton also sent a staff note. In it, he announced his decision. He also went to explain it. Thank you’s were sent as Lynton pointed out the team’s achievements.
The aforementioned Hirai also sent a note. In it, he thanked Michael Lynton and offered a few details of his own. He also pointed out the fact that he will be working more closely with Lynton. Hirai will be setting a second office in Culver City. As such, these facts should ensure a smooth transition.
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