UMG EXTENDS GRAINGE'S CONTRACT THROUGH 2028

UMG has extended the contract of CEO and Chairman Sir Lucian Grainge through 5/1/28. The fearless leader's new compensation package includes a long-term incentive-based $100m bonus and a salary resized to $5m, plus bonuses and additional compensation grants totaling $30m annually, according to Music Business Worldwide.

Half of the $100m bonus will come from restricted stock units; the other half will be derived from performance stock options, which will be paid out if UMG's stock meets various benchmarks (€26.50, €30.00 and €38.00) during the term of Grainge's contract.

“UMG is the world's most successful music company, and there are incredible opportunities ahead for a company with the right leadership and vision,” said UMG Chairman of the Board Sherry Lansing. “The UMG Board is resolutely committed to converting those opportunities and maximizing shareholder value for the long term. Only the right kind of chief executive can help achieve that goal and Lucian is just the one to do it. Through his clear vision and strong execution in building UMG into the industry leader, Lucian has also essentially created a new category of music company. This agreement is designed to drive both the sustainable success of UMG and long-term shareholder value.”