Universal Music Group (UMG), the global music industry titan, has officially announced the appointment of renowned finance executive Matt Ellis as its new Chief Financial Officer, effective June 9, 2025.
In a strategic move underscoring its commitment to financial excellence and global expansion, Universal Music Group has brought on board Matt Ellis, a widely respected leader in corporate finance, to oversee and lead the company’s global financial operations. Based at UMG’s Santa Monica headquarters, Ellis will report directly to UMG’s Chairman and CEO, Sir Lucian Grainge.
A Strategic Addition to UMG’s Executive Team
Matt Ellis joins UMG after a decade-long tenure at Verizon Communications, where he most recently served as Executive Vice President and Chief Financial Officer. In that role, he led Verizon’s finance organization and played a central part in its strategic growth initiatives, including managing a debt portfolio exceeding $100 billion, overseeing annual capital spending of $17 billion, and maintaining an $11 billion dividend. Ellis was also instrumental in financing multiple spectrum auctions with investments totaling over $50 billion, and directed several key acquisitions and divestitures aligned with Verizon’s long-term strategy.
UMG praised Ellis as “a highly experienced executive with an outstanding track record of partnering across businesses to execute strategies that deliver revenue growth and profitability.” The company emphasized that his expertise encompasses CFO, Treasury, Financial Planning and Analysis (FP&A), and Corporate Development functions at two Fortune 100 companies, and that he is a Chartered Accountant in the UK.
Leadership Transition and Vision for the Future
Ellis will succeed Boyd Muir, who held the role of CFO since 2010 and was promoted to Chief Operating Officer (COO) in October 2024. Muir has continued to serve as CFO during the transition period as UMG conducted its global search for the ideal successor.
In announcing the appointment, Sir Lucian Grainge said:
“As UMG’s evolution continues and as we expand the 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 added that Ellis’ appointment will now enable Boyd Muir to focus on broader strategic growth initiatives and enhance global operational efficiency:
“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’ Vision and Global Experience
Sharing his enthusiasm about joining Universal Music Group, Matt Ellis said:
“Sir 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.”
Prior to his impactful stint at Verizon, Ellis served in various senior finance roles at Tyson Foods Inc., one of the world’s largest food companies. From 2010 to 2013, he was Vice President and Treasurer, where he successfully led efforts to regain investment grade ratings in 2011. As VP of Finance between 2007 and 2010, Ellis directed Tyson’s global M&A activity, acquiring three companies in Brazil and initiating joint ventures in China. From 2004 to 2007, he served as VP and Country Manager in Mexico, managing all business operations for Tyson’s subsidiary in the country.
During his time at Verizon, Ellis also held the role of Senior Vice President and CFO of Operations (2015–2016), acting as the FP&A leader for Verizon’s $120 billion Wireline and Wireless business units. Between 2013 and 2015, as SVP and Treasurer, Ellis led the $61 billion financing component of the 2014 buyout of Vodafone’s 45% stake in Verizon Wireless, including the historic $49 billion bond issuance completed in a single day.
A Warm Welcome from UMG Leadership
Commenting on Ellis’ appointment, Boyd Muir, now UMG’s Chief Operating Officer, expressed strong support:
“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.”
A Future-Focused Leadership Move
This appointment reflects UMG’s broader strategy to solidify its leadership as not just the world’s largest music company, but a diversified global music entertainment powerhouse. With Ellis’ robust financial acumen and global business insight, UMG is poised to drive forward its ambitious vision for the future.
As the company continues to redefine the boundaries of music entertainment and technology, the addition of Matt Ellis as CFO signals a bold next step in ensuring long-term financial sustainability, innovation, and strategic growth.
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