Sony CEO Jumps Ship To Snapchat Ahead Of IPO
Sony’s Entertainment division has lost its latest CEO MIchael Lyndon to tech startup Snap, owners of the popular Snapchat app.
“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 wrote in his letter to staff.
The transition itself won’t take place for another six months but, once it does, Lyndon will sit as chairman of Snap.
For clarity, Lyndon was one of Snapchat’s earliest investors and was quietly named as the chairman of the Snap’s board last year. However, it’s only now that he’s making the jump to full-time involvement with the social media startup.
Kaz Hirai, CEO of Japanese parent Sony Corp., wrote in an email to employees. “I want to thank Michael for his strong leadership and dedication to Sony. His vast experience and expertise in the entertainment and media space has been invaluable in charting a path forward through a constantly-changing landscape.”
It’s unknown at this time who will replace Lyndon, though Playstation Interactive’s Andy House has been mentioned as a potential successor.
It’s expected that Lyndon will use his considerable executive and management experience to guide the company towards its anticipated IPO offering later this year.
Snap is projected to generate $1 billion in revenue for 2017 and expected to reach a valuation of over twenty times that number when it goes public.