Boyd Muir, EVP, CFO and President of Operations at Universal Music Group, has been promoted to the newly created role of Chief Operating Officer at UMG.
The news was announced today (October 31) alongside the company’s Q3 financial results, in which UMG reported revenues of EUR €2.870 billion (USD $3.15bn), up 4.9% YoY at constant currency.
Muir will continue to report directly to UMG chairman and CEO, Sir Lucian Grainge.
The company said today that it is “immediately initiating an executive search process” to hire a new CFO.
Muir will serve as both COO and CFO until a new CFO is appointed.
According to Universal, Muir has played a central role in the “physical-to-digital reshaping of company resources”.
He has also been involved in a number of acquisitions, including Sanctuary Group and V2 Music Group, as well as the company’s successful acquisition of EMI.
Muir was appointed to his current post in November 2010. Previously, he was CFO for Universal Music Group International, the division which manages UMG’s businesses in more than 50 countries.
From 1984 to 1991, Muir worked for Ernst & Young, including at its entertainment media division in London, and for EMI from 1991 to 1994.
At the latter group, he was head of internal audit, spending considerable time working in Los Angeles and New York. He was also closely involved in EMI’s acquisition of Virgin Music and Chrysalis Records.
Credit: Austin Hargrave
“Boyd has done an outstanding job leading UMG’s global financial functions through a period of unprecedented growth and change, including our successful listing on the Euronext in 2021, and our last three years as a stand-alone public company.”
Sir Lucian Grainge
“Boyd has done an outstanding job leading UMG’s global financial functions through a period of unprecedented growth and change, including our successful listing on the Euronext in 2021, and our last three years as a stand-alone public company,” said Sir Lucian Grainge.
He added: “Now, as we turn to executing on the vision we outlined at our recent Capital Markets Day, as Chief Operating Officer, Boyd will focus on helping us drive the transformation of several of our key worldwide operations to ensure we deliver on our strategic plan.”
