Charles Sipkins, executive VP/chief communications officer at Sony Pictures Entertainment, has stepped down.

CEO Michael Lynton, via an note to staffers, said Sipkins is resigned to pursue other opportunities.

Sipkins joined Sony in September 2013 from crisis PR firm Sard Verbinnen.

He also held positions at FleishmanHillard, Abernathy MacGregor Group and Hill & Knowlton.

Sipkins had reported to Lynton and co-chairman Amy Pascal.

Sony Pictures' expects its cost-cutting program to shave  $300M overhead be completed in March 2016.

Activist investor Daniel Loeb had pressured Sony Corp to restructure operations, but then he sold his shares.

JPMorgan Chase today upgraded its ratings of Sony's American depositary receipts.

That move from "neutral" to "overweight" follows last week's announcement of Sony's plan to increase revenues from its entertainment division 36 percent to $10B-$11B in three years.