Universal Music Group appoints Matt Ellis as new CFO

Investing.com -- Universal Music Group N.V. (EURONEXT:AS:UMG), a leading music-based entertainment company, has named Matt Ellis as its new Chief Financial Officer, effective from June 9. Ellis, a globally recognized finance executive, will be based in Santa Monica and will oversee UMG’s worldwide financial operations. He will report directly to UMG’s Chairman & CEO, Sir Lucian Grainge.

Ellis previously held the position of Executive Vice President and CFO at Verizon Communications (NYSE:VZ), where he was responsible for all finance activities. He brings a wealth of experience to UMG, having held various leadership roles in finance and operations, including CFO, Treasury, Financial Planning and Analysis (FP&A), and Corporate Development at two Fortune 100 companies. Ellis is also a Chartered Accountant in the UK.

Ellis will succeed Boyd Muir, who was promoted to the role of Chief Operating Officer of UMG in October 2024. Muir has been with UMG since 2010, serving as Executive Vice President (EVP), CFO and President of Operations. He continued to act as CFO during the search for his successor.

In a statement, Grainge expressed his confidence in Ellis’s abilities, citing his global outlook and deep financial knowledge across a variety of sectors, including media, technology, and consumer goods. Grainge also noted that with Ellis on board, Muir can now focus on executing strategic growth initiatives and assisting in the daily management of UMG’s global corporate and divisional functions.

Ellis expressed his excitement about joining UMG, praising the leadership team for building a world-class company that is not only a market leader but also driving the evolution of the industry. Muir echoed these sentiments, lauding Ellis’s experience as a CFO and his understanding of global businesses across dynamic industries in transition.

During his tenure at Verizon, Ellis managed a debt portfolio of over $100 billion, annual capital spending of approximately $17 billion, and a dividend of $11 billion. He also led the company’s participation in multiple spectrum auctions with an investment of more than $50 billion and oversaw acquisitions and divestitures to deliver the company’s strategy.

Before his time at Verizon, Ellis held several senior finance positions at Tyson Foods Inc (NYSE:TSN). His achievements there included regaining investment grade ratings in 2011 and leading the company’s global M&A activity, which resulted in the acquisition of three companies in Brazil and the establishment of two joint ventures in China.

Ellis, who was born in the U.S. and raised in the U.K., is a member of the Institute of Chartered Accountants in England and Wales. He earned a BCom (Accounting) from the University of Birmingham in the UK.

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