Universal Music Group announced Monday that it has named Matt Ellis chief financial officer at the company, succeeding Boyd Muir, who is now fully transitioning to his role as chief operating officer after being promoted last year.

Ellis joins UMG from Verizon Communications, where he served as the telecom giants executive vice president and CFO. He spent 10 years at Verizon and before then was the vice president and treasurer at Tyson Foods. Muir was first named CFO at UMG back in 2010, and he was appointed COO last October, with the company confirming at the time hed serve in both roles until it found a replacement. Ellis will start at UMG on June 9th. As UMGs 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, UMG chairman and CEO Lucian Grainge said in a statement. 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.

The move comes two weeks after UMG posted $3.3 billion in revenue for its Q1 2025 earnings, with revenue for the companys recorded division growing 12.7 percent.

Sir Lucian and the leadership team have built a world class company that isnt just the market leader, but also driving the evolution of the industry, Ellis said in a statement. 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.

As Muir added: Matt brings not only impressive experience as a CFO, but also an understanding of global businesses across dynamic industries in transition. Im so pleased to welcome Matt to our team and looking forward to collaborating with him as we position UMG for continued growth.

Elliss hiring is the latest in an eventful few months for the worlds largest music company. UMG Nashville named Mike Harris CEO of the company back in February to replace Cindy Mabe, and the company rebranded to Music Corporation of America in April. Interscope, meanwhile, recently revived the country label Lost Highway Records, signing superstar Kacey Musgraves as its first new act.