By Najat Kantouar and Mauro Orru

Universal Music Group named Matt Ellis as chief financial officer, turning to a former Verizon Communications executive to oversee its finances.

The record label behind Taylor Swift and Lady Gaga said Ellis would take the reins on June 9 from Boyd Muir, who last year was appointed as chief operating officer in a newly created role.

Muir has been managing Universal's finances in addition to his new role as the company looked for a successor. Ellis will be based in Santa Monica and will report to Chief Executive Lucian Grainge.

"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," Grainge said.

Ellis served as Verizon's finance chief from November 2016 to the end of April 2023. During his mandate, he led Verizon's participation and financing of multiple spectrum auctions with more than $50 billion in investments. He also oversaw acquisitions and divestments.

Prior to Verizon, Ellis filled senior finance roles at meat supplier Tyson Foods Inc., including as vice president and Treasurer between 2010 and 2013.

Ellis's appointment comes about two weeks after Universal Music posted revenue from subscriptions and streaming services that grew more than analysts had expected in the first quarter. The company logged revenue of 2.90 billion euros ($3.26 billion) for the three months to the end of March, up 9.5% on year at constant currency.

Write to Najat Kantouar at najat.kantouar@wsj.com and Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

May 12, 2025 12:54 ET (16:54 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.