Sony Entertainment CEO Michael Lynton will resign from his post to become chairman of the board of messaging app owner Snap Inc.
This puts the Hollywood exec in a prominent role. Technology major Snap Inc is preparing for an IPO.
Japanese major Sony said Lynton gave up the post on Feb 2, 2017 but remained as Co-CEO to help find a successor.
Snap, the owner of the popular app Snapchat is to go public this year, vying for USD 25 billion valuation.
Lynton was an early investor on this company. Its CEO Evan Spiegel founded this company. Lynton served on its board for 4 years.
Venice, CA based Snap Inc has made the move towards news and entertainment content highlighting competition with social networks like Twitter and FB.
It also shares videos from TV networks through a feature called Snapchat Discover.
Snapchat has also seen deals with media companies such as NBC Universal and Walt Disney
Sony CEO Kazuo Hirai will take over the larger role at the Sony division, adding the position of Co-CEO and Chairman of the unit. Snap Inc: Know More
- Previously called: Snapchat Inc. (2011-2016)
- Type: Private
- Industry: Technology & Social media
- Founded: September 16, 2011
- Founders: Evan Spiegel, Bobby Murphy
- Headquarters: Venice, Los Angeles, California, United States
- CEO: Evan Spiegel
- CTO: Bobby Murphy
- CFO/Vice President of Finance: Drew Vollero
- CSO: Imran T. Khan