The exec will take a reduction in base salary, but will now add equity and performance-based stock options to his compensation.
“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 Sherry Lansing, UMG´s Chairman of the Board. “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.
The board will also put forward a proposal to reappoint Grainge as the company’s executive director for a term ending on May 1, 2028.
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