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Michael Lynton, CEO of Sony Entertainment, has confirmed that he is departing the company to fully focus on his role as Chair of Snap Inc – owners of social app Snapchat and a company in which he was an early investor.
Lynton will stay with Sony for another six months as he works with overall Sony Corp chief Kazuo Hirai to find a replacement CEO for the firm’s US-based entertainment division.
In a memo, Lynton said: “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. As you are all aware, the landscape of our business continues to shift as never before, and the innovation and commitment shown by all of you at Sony Corp, Pictures and Music to adapt and change with it has been inspiring. 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”.
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