Taylor Swift’s Label Common Music Group Inventory Slips as Ackman Leaves Board

Shares of Common Music Group (UMG) declined in Amsterdam buying and selling Wednesday on information that billionaire investor Invoice Ackman has resigned from the corporate’s board.

Ackman’s Pershing Sq. Holdings mentioned the resignation was “attributable to rising calls for on his time from his different Pershing Sq. commitments,” corresponding to a current appointment as government chairman of the board of Howard Hughes Holdings (HHH).

Ackman mentioned he “tremendously loved being a director of UMG because it has transitioned from a non-public firm right into a flourishing public enterprise,” and mentioned he believes the corporate is “extraordinarily effectively positioned for future progress and profitability.”

Common Music Group represents a few of the hottest musicians on the planet, together with Swift, Kendrick Lamar, and Ariana Grande. In its personal assertion, the agency’s board mentioned it’s “very grateful for Mr. Ackman’s contributions to the Firm.”

Ackman Had Pushed UMG to Checklist in US

Ackman has pushed the corporate to listing within the U.S., and mentioned in March that Pershing Sq. had lowered its UMG stake to about 17% of its portfolio, nonetheless its largest place however down from roughly 27% beforehand.

On Monday, UMG introduced that it had appointed a brand new finance chief, former Verizon Communications (VZ) CFO Matt Ellis, who will take over the position on June 9.

UMG’s Amsterdam-listed shares have been down 3% in current buying and selling. They’ve risen greater than 7% for the reason that begin of the yr.