Michael Layton, former Sony executive named chairman of Snap

Michael Layton, former Sony executive named chairman of Snap

Sony Entertainment CEO Michael Lynton is stepping down from his position to focus on another role: Chairman of Snap Inc. Lynton will reportedly work with Sony chief Kazuo Hirai over the next six months to find a replacement. "Given Snapchat's growth - and my growing role and responsibilities in it - I recently determined that the time was right to make a change", Lynton said in his note to the company.

He spent 13 years with Sony, beginning in 2004 as chairman and CEO of Sony Pictures Entertainment, and in 2012 was named CEO of Sony Entertainment.

Snap, the owner of the popular Snapchat app, is expected to go public early this year, vying for a $25 billion valuation. "I leave Sony with great pride in all we have accomplished together".

The Tokyo-based Hirai will add a second office in Culver City, California, where the film studio is based.

Ford Introduces City of Tomorrow as Ranger & Bronco Return
In 1990, the Twin Cities plant turned out 164,000 Rangers and F-series trucks, averaging 900 units per day, according to McMahon. Ford has announced the return of its Bronco badge on one of five new SUVs that will go on sale globally by 2020.

In April 2016, he was appointed corporate executive officer of Sony Corp. overseeing the Pictures and Music business. After the infamous 2014 hack, executive turmoil continued as the entertainment company endured several flops and adjusted to Lynton's leadership.

In addition, the Sony movie studio has suffered from a string of disappointments at the box office. Lynton said in his memo. In June, long-time Sony executive Doug Belgrad announced he was leaving the company just one day after Sony Pictures TV chairman Steve Mosko said he was leaving after 24 years with Sony. In November past year, Andrew Gumpert, the head of Sony Pictures' business affairs group, left to become CEO at Paramount Pictures.

The entertainment industry is undergoing major transformative changes, and Lynton's expertise in the media and entertainment space had been invaluable.

Related Articles

  • Akhilesh group confident of riding 'cycle'; majority in polls

    Akhilesh group confident of riding 'cycle'; majority in polls

    Mulayam claimed that he is the national president of the party, Akhilesh is the chief minister and Shivpal the state unit chief. The convention, they argued, could only be called by the president, read Mulayam, as per the party's constitution.
    Justin Thomas shoots round of 59 on PGA Tour

    Justin Thomas shoots round of 59 on PGA Tour

    He saved a long par putt at the eighth hole (his 17th of the day) before burying a 15-foot eagle at the last for history. The two-time major champion is level alongside the likes of Jason Dufner and Vijay Singh.
    USA  sanctions five Russians over human rights violations

    USA sanctions five Russians over human rights violations

    He added that at the moment he could not say whether Moscow would take any retaliatory measures in response to these sanctions. The US authorities also added two less well-known officials, Stanislav Gordievsky and Gennady Plaksin, to the list.
  • Better Buy: Bank of America Corporation vs. Wells Fargo

    Better Buy: Bank of America Corporation vs. Wells Fargo

    New account openings and credit card applications have plunged since news of the bank's sales practices surfaced. Moreover, Prudential Fincl Incorporated has 0.75% invested in Wells Fargo & Co (NYSE:WFC) for 10.28M shares.
    Forecasts Show Potentially Dangerous Ice Storm Hitting the Area

    Forecasts Show Potentially Dangerous Ice Storm Hitting the Area

    Another round of freezing rain and sleet will develop across Central Illinois on Sunday and will continue through Sunday night. Freezing rain occurs when a layer of warm air comes between two layers of cold air, like an unwelcome third wheel on a date.

    Vance Joseph hired as Broncos' new head coach

    Sporting News also reported last week that the Broncos' head coaching job was Joseph's to lose heading into his interview. With the league's top defensive coordinators making north of $2 million per year, Phillips was asking to join the club.
  • Brazile rallies Dems with denunciation of Trump's attack on John Lewis

    Richmond said he is leaning toward going, but said he has hesitations. "I don't see this president-elect as a legitimate president ", Lewis told Todd.

    Tottenham Hotspur v West Brom preview

    Tottenham's 2-0 win over Antonio Conte's leaders in the last round of Premier League matches underlined their title credentials. Odinbet is FREE to use, and statistical analysis for games played in world football's top 12 leagues.

    Mexico ETF Takes Another Hit from Trump

    Mexican stocks fell following Trump's comments, with the iShares MSCI Mexico Capped ETF (EWW) down 1.3% at $41.41 a share. He said Mexico would negotiate with the Trump team to "protect the free flow of remittances".
  • I don't regret anything in life: Dhoni

    I don't regret anything in life: Dhoni

    That shows how selfless he is and he probably thought it was the right time for Virat to take over. If I see my journey since then, I had to change according to the team's needs.
    Allegheny County DA reduces charges filed against Steelers coach Joey Porter

    Allegheny County DA reduces charges filed against Steelers coach Joey Porter

    Porter spent the first eight of his 13 National Football League seasons with the Steelers and has 98 career sacks. The Steelers had no immediate comment on the withdrawal of the charges. "Thankfully, no one was injured".
    Islamic State Blows Up Government Buildings On Iraq's Mosul

    Islamic State Blows Up Government Buildings On Iraq's Mosul

    The elite Counter Terrorism Service (CTS) pushed into east Mosul's Sadeeq neighborhood, officers on the ground said. Still, he said, IS resistance had weakened in several areas.