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Universal Music Group

UMG Announced Four New Proposed Board Members, Including Pershing Square Capital Management’s Bill Ackman

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HILVERSUM, The Netherlands (CelebrityAccess) — With UMG’s 2022 annual shareholder meeting a little more than a month out, the label giant announced the proposed appointment of four new Non-Executive Directors, including private equity investor Bill Ackman.

Ackman is the CEO of Pershing Square Capital Management who led a consortium of private equity investors who attempted to acquire a stake in UMG through a controversial special purpose acquisition company, or SPAC. However, in July 2021, he dropped the plan under growing regulatory scrutiny around the deal.

The deal would have seen the consortium led by Ackman’s Pershing Capital Tontine Holdings, would have invested $4 billion for a 10% stake in UMG from its former parent, Vivendi.

Other new proposed board members include:

Former U.S. Ambassador to the Bahamas, Nicole Avant. In addition to her role on the diplomatic stage, Avant has focused on the media industry, including developing projects for film and television.

Cyrille Bolloré, Chairman and Chief Executive Officer of Bolloré Group, a family-controlled holding company which is among UMG’s largest investors, was also announced as a proposed candidate for the board.

Sherry Lansing, founder and CEO of The Sherry Lansing Foundation, an organization dedicated to funding and raising awareness for cancer research, health, public education, and encore career opportunities.

Other items on the agenda for the AGM are shareholders’ consideration of: an advisory vote on the 2021 remuneration report; adoption of the Company’s 2021 financial statements; adoption of the dividend proposal; discharge of the Company’s directors; establishment of the 2022 Universal Music Group Global Equity Plan; designation of the Board as the competent body to repurchase own shares; and re-appointment of the external auditors for the financial year 2022.

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