Sony Entertainment Chief Executive Michael Lynton will step down to become chairman of the board of messaging app owner Snap Inc, a move that puts an experienced Hollywood executive in a prominent role as the technology company prepares for an initial public offering. Snap, the owner of the popular Snapchat app, is expected to go public early this year, vying for a $25 billion valuation. Lynton's tenure at Sony Entertainment was also marked by a devastating computer hack in 2014 that exposed a trove of embarrassing e-mails and employee data. Sony Chief Executive Kazuo Hirai will take on a larger role at the entertainment division, adding the position of co-CEO and chairman of the unit, the company said. "As we look ahead, we see our entertainment businesses as essential parts of Sony," Hirai said.

Source: dna January 14, 2017 02:25 UTC