Universal Music Group cuts senior executives in restructuring
Several senior executives are leaving as the company pushes forward a cost-savings program worth $270 million. Affected roles span the US and UK.
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What happened
Universal Music Group has announced key personnel changes as part of a $270 million cost-savings program, affecting senior roles globally. Reports name Def Jam CEO Tunji Balogun and Republic Records executive Jim Roppo among those leaving. Restructuring includes changes to the company's UK organisation and layoffs in the US and UK.
Why it matters
The changes are part of the company's cost-cutting effort and complete its 2024 restructuring plan.
Coverage
- Universal Music Group cuts several executives during its restructure (Los Angeles Times)
- Major Shakeup at Universal Music Group with New Wave of Layoffs (digitalmusicnews.com)
- Def Jam, Republic Execs Depart In UMG Restructuring (hollywoodreporter.com)
- Universal Music Shakeup: Def Jam, Polydor, Interscope Execs to Exit (billboard.com)
- Multiple layoffs at Universal Music Group, as $270M cost-cutting program continues (musicbusinessworldwide.com)
- Universal Music Group reveals key personnel changes as part of $270m cost savings (musicweek.com)
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