Manning Doherty to exit board of Universal Music Group
Universal Music Group introduced Monday (March 10) that non-executive director Manning Doherty will step down from the corporate’s board, efficient March 21.
Doherty, a managing director at Singapore’s sovereign wealth fund GIC Pte Ltd., has served on Common’s board for the reason that firm’s public listing on Euronext Amsterdam in 2021.
Common Music Group, which represents artists like Taylor Swift, Woman Gaga, Billie Eilish and Drake, didn’t specify causes for Doherty’s departure.
As head of GIC’s North American infrastructure group, Doherty introduced in depth expertise in personal fairness and particular state of affairs investing to UMG’s board.
Previous to GIC, Doherty served as Managing Director of Mount Kellett Capital and Managing Director of Oaktree Capital Administration.
Doherty’s exit marks the newest throughout UMG’s operations following the retirement of Adam Holt as Managing Director and Chairman of Common Music New Zealand.
Earlier this yr, Cindy Mabe stepped down as CEO of Common Music Group Nashville. In September 2024, David Joseph, the long-time Chairman and CEO of Universal Music UK, left the corporate after 26 years.
These developments come as UMG continues to develop its enterprise. It lately acquired an unbiased music firm within the Netherlands, 8Ball Music, whose signed artists embody Miss Montreal, DI-RECT, Davina Michelle, Dotan, and Maan.
Lower than a month in the past, UMG acquired a majority stake in Japanese music firm A-Sketch, house to standard Japanese artists together with Saucy Canine, Flumpool, and Ayumu Imazu.
UMG Chairman and CEO Sir Lucian Grainge noted in his New 12 months observe to UMG workers that in 2025, the corporate “will proceed to aggressively develop [its] presence in excessive potential markets by natural A&R, artist and label providers agreements, and M&A”.
In FY 2024, UMG’s recorded music subscription revenues rose 9.1% YoY to EUR €4.624 billion ($5 billion on the common trade fee for 2024). In This fall, the corporate’s prime world recorded music sellers included Taylor Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan, and Depraved: The Soundtrack.
UMG stays the trade chief, holding a market share of 31.8% in 2023 when it comes to bodily and digital music gross sales worldwide, based on data from Statista.
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