Universal Music Group announced Monday (March 10) that non-executive director Manning Doherty will step down from the company’s board, effective March 21.
Doherty, a managing director at Singapore’s sovereign wealth fund GIC Pte Ltd., has served on Universal’s board since the company’s public listing on Euronext Amsterdam in 2021.
Universal Music Group, which represents artists like Taylor Swift, Lady Gaga, Billie Eilish and Drake, did not specify reasons for Doherty’s departure.
As head of GIC’s North American infrastructure group, Doherty brought extensive experience in private equity and special situation investing to UMG’s board.
Prior to GIC, Doherty served as Managing Director of Mount Kellett Capital and Managing Director of Oaktree Capital Management.
Doherty’s exit marks the latest across UMG’s operations following the retirement of Adam Holt as Managing Director and Chairman of Universal Music New Zealand.
Earlier this year, Cindy Mabe stepped down as CEO of Universal Music Group Nashville. In September 2024, David Joseph, the long-time Chairman and CEO of Universal Music UK, left the company after 26 years.
These developments come as UMG continues to grow its business. It recently acquired an independent music company in the Netherlands, 8Ball Music, whose signed artists include Miss Montreal, DI-RECT, Davina Michelle, Dotan, and Maan.
Less than a month ago, UMG acquired a majority stake in Japanese music company A-Sketch, home to popular Japanese artists including Saucy Dog, Flumpool, and Ayumu Imazu.
UMG Chairman and CEO Sir Lucian Grainge noted in his New Year note to UMG staff that in 2025, the company “will continue to aggressively grow [its] presence in high potential markets through organic A&R, artist and label services agreements, and M&A”.
In FY 2024, UMG’s recorded music subscription revenues rose 9.1% YoY to EUR €4.624 billion ($5 billion at the average exchange rate for 2024). In Q4, the company’s top global recorded music sellers included Taylor Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan, and Wicked: The Soundtrack.
UMG remains the industry leader, holding a market share of 31.8% in 2023 in terms of physical and digital music sales worldwide, according to data from Statista.
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