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Sony Pictures Entertainment Co-Chairman Amy Pascal is stepping down after the leakage of sensitive information onto the Web. The company says that she will launch a new production company at the studio.

The racially insensitive emails from her about President Obama were leaked after Sony’s computer systems were attacked by a group calling itself Guardians of Peace. This hacking scandal created controversy in the wake of which she decided to step down.

Pascal, better known as filmmaker-friendly executive has long had a reputation in Hollywood circles. She has overseen development and production of some of the studio’s best known pictures.

“I have spent almost my entire professional life at Sony Pictures and I am energized to be starting this new chapter based at the company I call home,” said Pascal. “As the slate for the next two years has come together, it felt like the right time for transition into this new role.”

The studio is yet to name the successor after Pascal resigns.

Sony’s Michael Lynton was all of praise for her. “The studio’s legacy is due in large part to Amy’s passion for storytelling and love of this industry". Lynton said in a statement. "In recent months, SPE faced some unprecedented challenges, and I am grateful for Amy’s resilience and grace during this period."

Sony Pictures includes Columbia Pictures, TriStar Pictures and Sony Pictures Classics.

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