Universal Music Group (UMG), the world’s leading music-based entertainment company, has named seasoned financial executive Matt Ellis as its new chief financial officer, effective 9 June.
In a statement issued on Monday, UMG confirmed that Ellis will be based at its global headquarters in Santa Monica and report directly to chairman and chief executive, Sir Lucian Grainge. His appointment comes at a time when the company continues to evolve beyond traditional music boundaries, with ambitions to redefine what it means to be a music entertainment business.
Ellis joins UMG following a decade at Verizon Communications, where he most recently served as executive vice president and CFO. He brings with him a deep well of financial and operational experience, having overseen major transactions and capital management at two Fortune 100 companies.
“Matt is that executive,” Grainge said, describing Ellis as the ideal choice to help steer UMG’s next chapter. “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.”
The move also enables current UMG CFO Boyd Muir to focus more fully on the company’s broader strategic initiatives, including expansion efforts and operational oversight across its divisions.
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Ellis said he was honoured to join a company he sees as both an industry leader and a driver of change.
“Sir Lucian and the leadership team have built a world-class company that isn’t just the market leader but is also driving the evolution of the industry,” he said. “I am incredibly excited to join UMG at this time and help the team deliver the ambitious commercial and financial goals they have outlined.”
Ellis’s credentials span more than two decades and several continents. At Verizon, he helped shape a capital allocation framework to manage a debt load exceeding $100 billion, oversaw spectrum investments worth more than $50 billion, and played a key role in the $61 billion financing of the Vodafone buyout in 2014 — at the time, one of the largest bond offerings ever executed.
His earlier career includes key financial roles at Tyson Foods, where he led global mergers and acquisitions, gained investment-grade ratings for the company, and managed international operations, including a stint as country manager in Mexico.
A Chartered Accountant by training in the UK, Ellis brings a rare blend of financial discipline and operational insight to a company that now straddles the worlds of music, tech, and digital culture.
Muir welcomed his successor with optimism. “Matt brings not only impressive experience as a CFO, but also an understanding of global businesses across dynamic industries undergoing transformation,” he said.
With Ellis stepping into the role, UMG is clearly positioning itself not only for stability in its finances, but also for agile growth in an entertainment landscape where the lines between content, technology, and commerce continue to blur.
