3 weeks ago
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Universal Music Group has named Matt Ellis as its new chief financial officer, effective June 9. Based in Santa Monica, he will be responsible for leading UMG’s global financial operations and will report to UMG chairman/ CEO Lucian Grainge. Most recently, Ellis served as executive vice president and CFO at Verizon Communications, where he led all finance activities.
Ellis succeeds Boyd Muir, who was promoted to the role of UMG’s chief operating officer last October. Muir, who was named EVP, CFO and president of operations in 2010, continued to serve as CFO during the search for his successor.
In making the announcement, Grainge said, “As UMG’s evolution continues and as we expand the very definition of a music entertainment company, we wanted to find the right executive who brings a global worldview and deep financial expertise across a range of industries including media, technology and consumer goods. Matt is that executive.”
Grainge continued, “With Matt in place, Boyd can accelerate his efforts to execute on a range of strategic growth initiatives in addition to supporting me in the day-to-day management of many of our global corporate and divisional functions.”
Muir said, “Matt brings not only impressive experience as a CFO, but also an understanding of global businesses across dynamic industries in transition. I’m so pleased to welcome Matt to our team and looking forward to collaborating with him as we position UMG for continued growth.”
As Verizon’s CFO Ellis established a capital allocation framework to manage a debt portfolio of more than $100 billion annual capital spending of approximately $17 billion, and a dividend of $11 billion. Prior to Verizon, Ellis held multiple senior finance positions at Tyson Foods. Born in the U.S. and raised in the U.K., Ellis held early career roles as a commercial accountant at Dixons Stores Group and as an audit supervisor at Coopers & Lybrand (now PwC).
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