UMG Chairman/CEO Lucian Grainge has signed a five-year contract extension.
Lucian Grainge speaks onstage at the Billboard Power 100 Event held at Goya Studios on Feb. 1, 2023 in Los Angeles.The board of directors at Universal Music Group has extended the contract of chairman and CEOThe updated agreement transitions Grainge from an all-cash compensation package to one that combines cash and equity; the latter of these includes performance-based objectives that align with the interest of shareholders and correlate with the company’s long-term growth strategy.
To align Grainge’s term as executive director and chairman/CEO with the term of the extended contract, the board will put forth a proposal to reappoint him as executive director for a term ending on May 1, 2028, at UMG’s 2023 general meeting on May 11; it will also seek approval for a supplement to UMG’s existing executive directors remuneration policy with respect to his new compensation.
Grainge got his start in the music publishing business in 1979 at age 18. He joined Universal Music in 1986 when he launched PolyGram Music Publishing in the U.K. and steadily climbed the ladder from there, rising to chairman/CEO of UMG’s international division in 2005 and chairman/CEO of UMG in 2011, succeeding
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