UMG appoints Matt Ellis as new CFO

Based in Santa Monica, Ellis will be responsible for leading UMG’s global financial operations and will report to the company’s chairman and CEO, Sir Lucian Grainge.

Most recently, Ellis served as executive vice president and CFO at Verizon Communications, where he oversaw all finance-related activities.

UMG described Ellis as “a highly experienced executive with an outstanding track record of partnering across businesses to execute strategies that deliver revenue growth and profitability”.

In a statement issued on 13 May, UMG highlighted Ellis’ “significant expertise in both finance and operations leadership”, noting his experience in CFO, Treasury, Financial Planning and Analysis (FP&A), and Corporate Development roles at two Fortune 100 companies, as well as his qualifications as a Chartered Accountant in the UK.

Announcing the appointment, 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.

“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.”

Commenting on his appointment, Ellis said: “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. I am incredibly excited to join UMG at this time and help the team deliver the ambitious commercial and financial goals they have outlined.”

Boyd Muir added: “Matt brings not only impressive experience as a CFO, but also an understanding of global businesses across dynamic industries undergoing transformation.

“I’m so pleased to welcome Matt to our team and look forward to collaborating with him as we position UMG for continued growth.”

According to UMG, during his tenure as CFO at Verizon, Ellis “established a capital allocation framework to manage a debt portfolio exceeding $100 billion, annual capital spending of approximately $17 billion, and a dividend of $11 billion”.

Additionally, he “led the company’s participation in, and financing of, multiple spectrum auctions with investment of more than $50 billion, and oversaw acquisitions and divestitures to support the company’s strategic direction”.

During his 10-year tenure at Verizon, Ellis also held several senior leadership roles. From 2015 to 2016, he served as senior vice president and CFO, Operations, where he was the FP&A lead for the company’s $120 billion Wireline and Wireless business units.

Between 2013 and 2015, he held the role of senior vice president and treasurer, where he led the $61 billion debt financing element of Verizon’s 2014 buyout of Vodafone’s 45% stake in Verizon Wireless, including the issuance of $49 billion in bonds in a single day.

Prior to joining Verizon, Ellis held several senior finance roles at global food company Tyson Foods Inc. He served as Vice President and Treasurer from 2010 to 2013, where one of his key accomplishments was regaining investment-grade ratings in 2011.

From 2007 to 2010, as Vice President of Finance, he led the company’s global mergers and acquisitions activity, which included the acquisition of three companies in Brazil and the formation of two joint ventures in China.

Earlier in his career, from 2004 to 2007, Ellis served as vice president and country manager in Mexico, where he was responsible for overseeing all operations of Tyson’s wholly owned subsidiary in the country.