Universal Music Group Extends CEO Lucian Grainge's Contract "At Least" Through 2020
Grainge led the company through its acquisition of EMI's labels.
Universal Music Group's parent company made it clear in a release this morning that its faith in UMG head Lucian Grainge hasn't waned, extending the veteran's contract "until at least 2020," according to the company's statement.
"This plan will enable the company to maintain its profitable growth and continue to play a leading role in the transformation of the music industry." Vivendi's statement goes on to say that the company plans to continue investments in Africa, China, India and digital listening.
Grainge was named to lead UMG in 2011, leading the company through its acquisition of EMI's labels, which made UMG the largest major label in the world.
Grainge has been No. 3 or higher in every edition of Billboard's annual Power 100 ranking of global music executives.
Writing to employees at the close of 2014, Grainge told them that "in 2015, we'll continue to lead the industry. But it's no longer simply enough to outperform our competitors. We must work harder than ever to transform the business itself ... for our artists' benefit, as well as for our own."
This article first appeared on Billboard.com.