Universal Music Group appointed former Verizon and Tyson Foods executive Matt Ellis to be its new chief financial officer, starting June 9, according to a press release.
Ellis previously served as CFO and executive vice president at Verizon Communincations. He takes over the role of CFO from Boyd Muir, who had held that job since 2010. Last October, Muir was promoted to chief operating officer last October, and he has been holding both the CFO and COO titles while UMG searched for his replacement.
“As UMG’s evolution continues … we wanted to find the right executive who brings a global worldview and deep financial expertise across a range of industries,” UMG chairman and CEO Lucian Grainge said in a statement. “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.”
Ellis will be tasked with overseeing the global financial operations at UMG at a time when the streaming subscription revenues that powered rocketing growth for many music companies is beginning to slow. UMG reported in April that subscriber growth from high-average revenue per paying user markets like the United States and Japan helped provide support for its nearly 12% rise in first quarter revenue.
Ellis said in a statement, “Lucian and the leadership team have built a world class company that isn’t just the market leader, but also driving the evolution of the industry. I am incredibly excited to join UMG at this time and help the team deliver the ambitious commercial and financial goals that they have outlined.”
While he was CFO at Verizon, Ellis notably managed the company’s $100 billion debt portfolio and $17 billion in annual expenditures. As senior vice president and treasurer, he was closely involved in Verizon’s $130 billion deal to buy out Vodafone Group’s stake in the U.S. wireless business in 2014, overseeing the the $61-billion in debt component.
Before Verizon, Ellis worked at Tyson Foods in several senior finance roles, including as vice president and Treasurer and in the role of overseeing the company’s global mergers and acquisitions activity.
Born in the United States and raised in the United Kingdom, Ellis is a chartered accountant in Engliand and Wales. He will be based in Santa Monica and will report to Grainge.
