Joseph Schmidt Named CFO of Universal Music Group's East Coast Labels
Universal Music Group named Joseph Schmidt chief financial officer, East Coast Labels. The news was announced by Ivan Gavin, UMG's COO of East Coast Labels. Schmidt, who is based in New York City, formerly acted as vice president, finance for RCA Records.
Island Def Jam and Universal Republic finance staffs will report to Schmidt. UMG's East Coast Labels includes Island Def Jam Music Group and Universal Republic Records.
Schmidt's role as CFO will see him looking after financial functions including planning, forecasting, reporting, deal analysis, and marketing administration.
"Joe is a consummate professional who possesses the financial skills necessary to expertly navigate today's rapidly changing marketplace," said Gavin in a statment. "As we continue to expand the East Coast Labels, he's the ideal executive to oversee both Def Jam and Universal Republic finance staffs."
"It's great to be joining UMG's East Coast labels at such an exciting time, while we are repositioning the group to maximize all opportunities on both the creative and financial sides of the business," said Schmidt in the same release. "Rarely do you have the kind of creative and business leadership that the East Coast Labels enjoy. I'm happy to be a part of it and look forward to contributing.