#USA #CFO #Santa Monica #Universal Music #Matt Ellis

Universal Music Group Welcomes Matt Ellis as CFO

On May 12, 2025, Universal Music Group N.V. announced the appointment of Matt Ellis as their new Chief Financial Officer, effective June 9. Based in Santa Monica, California, Ellis is set to lead the company's global financial operations and will report directly to UMG's Chairman and CEO, Sir Lucian Grainge. With a profound background in finance and operations, Ellis has garnered respect as a global finance executive, most notably serving as the Executive Vice President and CFO at Verizon Communications prior to joining UMG.

Ellis’s expertise spans a range of vital financial roles within Fortune 100 companies, where he honed his skills in managing corporate finance strategies, operational efficiencies, and development initiatives. His appointment comes after both significant infrastructure changes at UMG and the promotion of former CFO Boyd Muir to Chief Operating Officer in October 2024. Muir had undertaken dual roles during the transition period, maintaining the CFO position while the search for his successor was conducted.

Sir Lucian Grainge expressed enthusiasm about Ellis's appointment, stating, "As UMG continues to evolve and expand beyond traditional music entertainment, it was crucial for us to onboard a leader with a global perspective and extensive financial acumen across diverse sectors such as media and technology. Matt was the right choice for this pivotal role."

In response, Ellis expressed his excitement to join a team that is not only a market leader but also a transformative force within the industry. He remarked, "The leadership at UMG has established a powerhouse not only in terms of market presence but also in advancing the evolution of music entertainment. I look forward to contributing to our ambitious financial objectives."

Ellis's financial accomplishments at Verizon are impressive. During his tenure, he implemented a capital allocation framework that managed debt exceeding $100 billion, oversaw capital expenditures averaging $17 billion annually, and effectively directed a substantial dividend program worth $11 billion. Furthermore, he played a critical role in leading the company through several spectrum auctions, significantly impacting the financial direction of Verizon.

Before his impactful career at Verizon, Ellis held key financial positions at Tyson Foods Inc., where he was integral in several strategic mergers and acquisitions, including entering the Chinese market and restoring investment-grade ratings. His earlier roles included high-responsibility positions in commercial accounting and auditing, where he built a strong foundation for his finance career.

Born in the United States and raised in the United Kingdom, Ellis is a Chartered Accountant and an alumnus of the University of Birmingham, where he received his BCom in Accounting.

Universal Music Group, the world's leading music entertainment company, is committed to shaping cultural evolution through artistry and innovation. With a diverse portfolio that encompasses recorded music, publishing, merchandise, and audiovisual content, UMG aims not only to support artists but also to expand commercial opportunities and enhance the fan experience.

Ellis's appointment marks a significant step in UMG's strategic growth as it continues to pioneer new paths within the music industry. UMG's leadership looks forward to leveraging Ellis's expertise to foster continued advancement and profitability within a changing landscape.