Snap, has named Michael Lyayton, a former CEO of Sony Entertainment as the new Chairman. The company is known for the popular app, Snapchat. Michael Lyton has been involved with the company as an early investor. In the company memo, he stated this as the reason for leaving Sony Entertainment
As some of you are already aware, I have been involved with Snapchat since its early days. Given Snapchat’s growth – and my growing role and responsibilities in it – I recently determined that the time was right to make a change
This announcement comes ahead of the company’s IPO. Sanp is expected to make its share public in March, as it has filed all the necessary paper work a few months back. The shares will be valued between $2o billion ot $25 billion. With Michael Layton’s connections and his experience of not only working at Sony, but also at Disney, AOL and Pearson will lead the company towards the developments required.