Phil Spencer has hailed Jim Ryan as a "great contributor" to the gaming industry.

The PlayStation CEO recently announced that he plans to step down from his role in 2024, and Phil, the CEO of Microsoft Gaming, has already taken to social media to pay a glowing tribute to his long-time rival and to wish him well for the future.

He wrote on X, formerly known as Twitter: "Jim Ryan has been a great contributor to our industry and a fierce leader for PlayStation. I wish him the best in what he does next. Thank you for all you’ve done for the community over the last 30 years, Jim."

Sony recently announced that Jim will be stepping down from his position at the tech giant.

The company said in a statement: "Sony Interactive Entertainment (SIE) today announced that SIE President and CEO Jim Ryan has made the decision to retire in March 2024 after almost thirty years with the PlayStation business.

"To support Mr. Ryan in his transition, Sony Group Corporation President, COO and CFO Hiroki Totoki will assume the role of Chairman of SIE effective October 2023.

"Effective April 1, 2024, Mr. Totoki will be appointed Interim CEO of SIE while he continues his current role at Sony Group Corporation."

Jim also released a statement of his own.

He said: "I’ve relished the opportunity to have a job I love in a very special company, working with great people and incredible partners. But I’ve found it increasingly difficult to reconcile living in Europe and working in North America."