The top 10 executives on Billboard's annual ranking received an average of just 10% of their pay from base salaries -- on the low side for the corporate world.
Tracing the rapid ascent of the 30-year-old record executive (and son of UMG’s Lucian Grainge), from his early entrepreneurial ventures to his industry-shaking new role.
In an unprecedented scenario, Universal Music Group chairman/CEO Lucian and his ascendant son Elliot will control more than a third of the U.S. market — at competing companies.
Investor advisory groups Institutional Shareholder Services and Glass Lewis called UMG's remuneration report, which details its top executives' 2023 pay packages, "excessive."
The new agreement, announced in the early morning, addresses "key changes in several critical areas,” Grainge said in outlining what UMG achieved in negotiations.
After months of signaling, the world's leading record label finally began cutting jobs this week.
Chairman/CEO Lucian Grainge said the social media app is just one piece "of the multidisciplinary jigsaw where we promote and market our music globally."
Phoebe Bridgers, Lucy Dacus and Julien Baker spoke about the causes important to them while accepting the Universal Music Group x REVERB Amplifier Award.
The Universal chairman/CEO also touted the company's many successes over the past year, and plans to "further evolve our organizational structure" moving forward.
In announcing UMG's new partnership with YouTube to study the effects of AI, the label's chairman and CEO sounds both an encouraging, and cautious, note.
