Michael Lynton to step down from his job. He is the head of Sony Entertainment business. The announcement was made on Friday. He wants to devote all his energy towards Snapchat. The reason behind this is that the startup behind this messaging app is going public.
Lynton has been on board for four years now and has become chairman just last year. The confirmation was made by the California based company.
“I have been involved with Evan (Spiegel) 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.,”
Now he will be working as co-chief executive officer of Sony Entertainment. He will be working with Sony Corporation chief Kazuo Hirai to find a successor.
Hirai office will have his office in Culver City, California, to oversee operations.
“The entertainment industry continues to undergo some of the most trans-formative changes it has ever seen. Michael’s vast experience and expertise in the entertainment and media space has been invaluable in charting a path forward through this new landscape.”
Lynton has an experience of 13 years as executive of Sony.
According to Snap they will set up their international headquarters in London. According to the stats claimed by the app about 150 million daily active users are using the application that include 50 million in Europe.
According to the buzz confidential paperwork was submitted by Snap Inc. for public share offering about more than $20 billion in last November.
One of the best messaging apps where the messages disappear with in the few seconds after seen by recipient is now all set to get IPO.