Universal Music Group Welcomes Matt Ellis as Chief Financial Officer to Reinforce Financial Strategy

Universal Music Group Appoints Matt Ellis as CFO

Universal Music Group N.V. (EURONEXT: UMG) made headlines today with the announcement of Matt Ellis as their new Chief Financial Officer, effective June 9. This decision comes as the company looks to solidify its leadership in the music entertainment industry. Based in Santa Monica, California, Ellis will oversee UMG's global financial operations and report directly to the company's Chairman and CEO, Sir Lucian Grainge.

Background on Matt Ellis

Ellis is no stranger to the finance world. Prior to joining UMG, he served as Executive Vice President and CFO at Verizon Communications, where he was instrumental in leading financial initiatives that drove the company’s growth. His broad experience encompasses not only finance but also corporate development and strategic operations, making him a valuable asset to UMG as it navigates the ever-evolving landscape of music entertainment.

With a proven track record at two Fortune 100 companies, Ellis's career reflects his robust expertise. He has held various senior finance roles, including Treasury and Financial Planning Analysis, which equip him to tackle the challenges that come with managing a global financial portfolio.

Ellis Takes Over from Boyd Muir

Ellis succeeds Boyd Muir, who has been promoted to the role of Chief Operating Officer of UMG after more than a decade as CFO. During his tenure, Muir has played a crucial role in UMG's financial activities and has been a pillar of the company's operational success. Grainge expressed confidence in Ellis's ability to lead UMG's financial strategy in this new era of expansion, noting the need for global insights that Ellis brings from diverse industries like media, technology, and consumer goods.

Looking to the Future

In his remarks, Ellis reflected on UMG's significant market position and commitment to artistic innovation. He stated, “Joining UMG offers me an incredible opportunity to contribute to a company that is not only leading the market but also transforming the industry itself.”

Ellis recognizes the ambitious financial and commercial goals set forth by UMG and sees himself as a key player in achieving them. Furthermore, Muir expressed eagerness to work alongside Ellis, leveraging his impressive background to further UMG's growth initiatives.

Financial Acumen and Strategic Insight

During his time at Verizon, Ellis built a capital allocation framework to manage a complex $100 billion debt portfolio alongside substantial capital expenditures and dividends. Under his stewardship, Verizon participated in and financed multiple spectrum auctions, investing over $50 billion. He also played a significant role in overseeing acquisitions and divestitures that were integral to the company’s strategic direction.

Before Verizon, Ellis held senior finance roles at Tyson Foods, where he regained investment-grade ratings and orchestrated global mergers and acquisitions. His experience spans various high-stakes situations, including leading a significant debt financing component for Verizon’s buyout of Vodafone's stake in Verizon Wireless.

A Global Perspective

Originally from the U.S. but having been raised in the U.K., Ellis combines international exposure with a comprehensive understanding of financial and operational models. He is a Chartered Accountant and a recipient of a Bachelor of Commerce in Accounting from the University of Birmingham. His professional journey reflects a dedication to fostering growth for dynamic businesses in transition.

Conclusion

The appointment of Matt Ellis as CFO underscores Universal Music Group's strategic commitment to bolstering its financial leadership in a rapidly changing industry. With his wealth of experience and a keen understanding of diverse markets, Ellis is set to play a vital role in UMG's ongoing evolution and future successes.