Sony Entertainment Chief Executive Michael Lynton will step down to become chairman of the board of Snap Inc., a move that puts an experienced Hollywood executive in a prominent role as the technology company prepares for an initial public offering.
Lynton will give up his current position at Sony's movie and television unit on Feb. 2 but remain as co-CEO for six months to help find a successor, Sony Corp. said in a statement on Friday.
Snap, the owner of the popular Snapchat app, is expected to go public early this year, vying for a $25 billion valuation. Lynton was an early investor in the company co-founded by 26-year-old CEO Evan Spiegel, and has served on its board for nearly four years.