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Common Music Group has appointed broadly revered world finance govt Matt Ellis as its new Chief Monetary Officer, efficient June 9.
Based mostly in Santa Monica, he will likely be liable for main UMG’s world monetary operations and can report back to UMG’s Chairman & CEO, Sir Lucian Grainge.
Most not too long ago, Ellis served as Government Vice President and CFO at Verizon Communications, the place he led all finance actions.
Ellis is described by UMG as “a extremely skilled govt with an excellent monitor report of partnering throughout companies to execute methods that ship income progress and profitability”.
UMG famous on Monday (Could 12) that his “important experience in each finance and operations management” consists of CFO, Treasury, Monetary Planning and Evaluation (FP&A), and Company Improvement roles at two Fortune 100 corporations, and as a Chartered Accountant within the UK.
Muir has held the place as UMG’s Government Vice President (EVP), CFO and President of Operations since 2010, and has continued to function CFO in the course of the seek for his successor.
In making the announcement, Grainge mentioned: “As UMG’s evolution continues and as we increase the very definition of a music leisure firm, we wished to search out the precise govt who brings a world worldview and deep monetary experience throughout a spread of industries together with media, expertise and client items. Matt is that govt.”
Picture: Austin Hargrave
“As UMG’s evolution continues and as we increase the very definition of a music leisure firm, we wished to search out the precise govt who brings a world worldview and deep monetary experience throughout a spread of industries together with media, expertise and client items. Matt is that govt.”
Sir Lucian Grainge
Grainge added: “With Matt in place, Boyd can speed up his efforts to execute on a spread of strategic progress initiatives along with supporting me within the day-to-day administration of a lot of our world company and divisional capabilities.”
“Sir Lucian and the management crew have constructed a world class firm that isn’t simply the market chief, but in addition driving the evolution of the trade.”
Matt Ellis
Matt Ellis mentioned: “Sir Lucian and the management crew have constructed a world class firm that isn’t simply the market chief, but in addition driving the evolution of the trade.
“I’m extremely excited to hitch UMG presently and assist the crew ship the bold business and monetary targets that they’ve outlined.”
“Matt brings not solely spectacular expertise as a CFO, but in addition an understanding of worldwide companies throughout dynamic industries in transition.”
Boyd Muir
Boyd Muir mentioned: “Matt brings not solely spectacular expertise as a CFO, but in addition an understanding of worldwide companies throughout dynamic industries in transition.
“I’m so happy to welcome Matt to our crew and searching ahead to collaborating with him as we place UMG for continued progress.”
UMG famous on Monday that, as Verizon’s CFO, Ellis “established a capital allocation framework to handle a debt portfolio of $100 billion +, annual capital spending of ~$17 billion, and a dividend of $11 billion”.
Moreover, in keeping with Monday’s announcement, he “led the corporate’s participation in, and financing of, a number of spectrum auctions with funding of greater than $50 billion, and oversaw acquisitions and divestitures to ship the corporate’s technique”.
Throughout his 10-year tenure there, he additionally held a number of senior management roles together with Senior Vice President and CFO, Operations (2015 – 2016), the place UMG famous, he was “the FP&A pacesetter for the corporate’s $120 billion Wireline and Wi-fi enterprise items”.
From 2013 – 2015, he was SVP and Treasurer and led the $61 billion debt financing part of the 2014 buyout of Vodafone’s 45% stake in Verizon Wi-fi, “together with issuing $49 billion of bonds in someday”.
Previous to Verizon, Ellis held a number of senior finance positions at world meals firm Tyson Meals Inc., the place he served as Vice President and Treasurer from 2010-2013. Key accomplishments on this position included regaining funding grade scores in 2011.
As VP, Finance, from 2007 – 2010, he led the corporate’s world M&A exercise that resulted within the acquisition of three corporations in Brazil and getting into into two joint ventures in China.
He additionally served as VP, Nation Supervisor in Mexico from 2004 – 2007, the place he directed all enterprise operations of the wholly-owned Tyson subsidiary.
