Michael Lynton Stepping Down at Sony

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LOS ANGELES: Michael Lynton is exiting his role as the CEO of Sony Entertainment and will focus on his position as chairman of the board at Snapchat owner Snap Inc.

He officially steps down as of February 2. For the next six months, though, Lynton will stay on as co-CEO of Sony Entertainment, overseeing the pictures and music businesses, and as CEO of Sony Pictures Entertainment and Sony Corporation of America, in order to ensure a smooth transition. Kazuo Hirai, the president and chief executive of Sony Corporation, based in Tokyo, will assume a more hands-on role within the company’s movie, television and music division.

“It has been an extraordinary 13 years and an honor to work at Sony with some of the most talented and creative people in the entertainment space,” said Lynton. “I have been involved with Evan and Snapchat since its early days, and given its growth since then, decided the time was right to transition and focus on my role as chairman of the board of Snap Inc. I leave Sony with great pride in all we have accomplished together, and confidence that the broad changes we have made and new management team we have assembled over the last few years will strengthen the company overall. I want to thank Sony Corp.—Kaz Hirai and Howard Stringer in particular—for their leadership and support over the years, and our excellent teams at Pictures and Music for their unwavering dedication to producing and distributing outstanding entertainment.”

“I want to thank Michael for his strong leadership and dedication to Sony throughout his long and illustrious career with the company,” said Hirai. “The entertainment industry continues to undergo some of the most transformative changes it has ever seen, and Michael’s vast experience and expertise in the entertainment and media space has been invaluable in charting a path forward through this new landscape. Particularly the broad structural and management changes Michael has recently implemented will help our music business sustain its strong momentum, and the pictures business to set the path for restoring profitability and future growth, though we recognize current challenges in the motion-pictures business and its turnaround will take some time. As we look ahead, we see our entertainment businesses as essential parts of Sony, and I look forward to working with Michael towards a smooth transition.”