Universal Music Group’s 11-person executive committee was paid a total of $128.4 million in short-term employee benefits -- most likely salaries and bonuses – in 2020, according to financial information released by the music group’s parent company Vivendi. When post-employee benefits and share-based payouts are added, that total jumps to $132 million -- almost double the $62.2 million paid to the executive team in 2018.
According to the UMG website, the executive team consists of UMG chairman/CEO Lucian Grainge; executive vp Michele Anthony; chairman/CEO of Central Europe and Deutsche Grammophon, Frank Briegmann; executive vp and general counsel Jeffrey Harleston; executive vp and chief people and inclusion officer Eric Hutcherson; United Kingdom and Ireland chairman/CEO David Joseph; executive vp marketing Andrew Kronfeld; executive vp/CFO Boyd Muir; executive vp digital strategy Michael Nash; executive vp/chief administrative officer Will Tanous; and Universal Music Publishing Group (UMPG) chairman/CEO Jody Gerson.
The financial data drop, which Vivendi likely released in preparation for UMG’s expected to become publicly traded in late-September, does not specify how that $128.4 million was divvied up among the 11 executives. Were it distributed equally (it’s not), it would amount to an $11.7 million 2020 payday for each executive -- not enough to buy happiness, perhaps, but sufficient to purchase a yacht that would float pretty close.
Financial observers note that executive team compensation expected to look even richer once UMG goes public, as the company will probably have its own management incentive stock plan. But as things stand now, UMG's executive team likely received higher salaries due because they don’t have such a management incentive stock plan. In order to attract and maintain top talent, UMG has to compete with the Warner Music Group, which does have a management incentive stock plan that will someday deliver hundreds of millions of dollars to its upper management team. Also, the salary structure for the executive management board probably reflects the value that the team has created down through the years through its management of UMG: In 2013 Softbank offered to buy UMG from Vivendi for $8.5 billion; currently, UMG is valued at about $40 million.
UMG’s total personnel costs in 2020, including the executive management team, were $1.42 billion of which $1.2 billion went to salaries – 17.6% of the companies $8.04 billion in revenue.
Last year, Universal carried on average 8,800 employees, up from 8,400 in 2019 and 7,900 in 2019. If the executive team’s compensation is excluded from overall salaries and total benefit compensation, that works out to an average salary of $121,000 and an average benefits package -- which also includes social security and other employee costs -- of $147,000. But, again, this is still skewed somewhat higher by salaries and bonuses paid to label chairman like Republic’s Monte Lipman and Interscope’s John Janick, which are generally not disclosed. (The foreign currency translations used in this story are based on the annual average exchange rates experienced by Vivendi and quoted in the company’s annual financial results for the year of 2020 -- 1 euro to $1.13; and 2018 -- 1 euro to $1.187.)
UMG declined to comment . --Ed Christman
Joni Chats With Clive At Grammy Gala
When part two of Clive Davis’ invitation-only virtual Pre-Grammy Gala takes place on May 15 -- the day before the awards ceremony was originally scheduled to take place -- the festivities will include a prerecorded interview with Joni Mitchell that was conducted by the master of ceremonies. A source in Davis’ camp says that during the conversation, Mitchell, 77, cites Édith Piaf and her early exposure to Black artists as influences on her jazz-influenced style of songwriting. While growing up in Alberta, Canada, she tells Davis, “There was a sideshow when the fair came to town called Harlem in Havana. We were all forbidden by our parents as kids to be seen even standing there watching because it was Black burlesque,” she recalls. “But they played a really sexy version of [Jimmy Forrest’s] ‘Night Train’ and that piece of music really affected my writing,” she explains.
When Davis asks for Mitchell’s reaction to the multitude of artists who have been influenced by her work and covered her songs, Mitchell, who has given few interviews since recovering from a 2015 aneurysm that affected her speech and ability to walk, says that she was told repeatedly over the course of her career, “Nobody is ever going to cover your songs. They are too personal.”
Other artist conversations slated for the gala include Queen’s Brian May and Roger Taylor, Elton John, Paul Simon, H.E.R., DaBaby, Carlos Santana, Rob Thomas, Dave Grohl, Dionne Warwick, Slash and Donovan. --Frank DiGiacomo
Faith No More appear to be hinting at a return to the stage in 2027.
The influential alt-metal band have remained mostly quiet over the past decade following the release of their reunion album ‘Sol Invictus’ in 2015. After its arrival, they played what would become their most recent live performances in 2016 and later called off several touring plans in the years that followed.
Now, however, they seem to be preparing fans for something new. The group recently shared an image of a concert crowd on social media with nothing more than the text “2027” placed across it.
No additional information accompanied the post, but it quickly sparked speculation among fans, many of whom believe a full scale tour announcement could be coming next year.
After wrapping up their 2016 run of shows, the band intended to return to the road in 2020. Those plans were ultimately abandoned because of the COVID-19 pandemic.
Further touring plans surfaced in 2021 as venues began reopening, but those dates were also cancelled before they could begin. Frontman Mike Patton later explained that mental health struggles were behind the decision and revealed he had been diagnosed with agoraphobia during the pandemic.
Until recently, a reunion seemed unlikely. Patton spoke about Faith No More’s lengthy break and said that he did not “see it as a sad thing”.
Speaking on the Kyle Meredith With… podcast and reflecting on whether he felt a “sense of closure” after the 2016 tour, the vocalist said: “I didn’t really think so at the time, but, yeah, maybe. I think that we all kind of felt it, but it was unspoken.”
“It’s funny: when you’ve been in a band or a musical situation for a period of time, you always, in the back of your head, you’re kind of thinking, ‘Well, maybe this is it.’ And I don’t mind that feeling,” he added. “I don’t see it as a sad thing. I see it as being present and being able to really appreciate it while it’s happening.”
Faith No More have never formally announced a breakup following the cancellation of their 2021 tour, although other members have suggested in recent years that the chances of touring again were uncertain.
Last year, guitarist Roddy Bottum discussed the band's future and admitted they were in a “really weird spot”. “I can’t really tell you what’s going on. I don’t know myself. I get different information from people… and I’m in the band,” he said.
Drummer Mike Bordin echoed similar thoughts last spring, saying that he and some of the other members were willing to perform again, but claimed Patton was “unwilling to do shows with us”.
In addition to leading Faith No More since 1989 after replacing original singer Chuck Mosley, Patton has also been involved with projects including Mr Bungle, Fantômas, and Tomahawk.
Tomahawk recently unveiled plans for their first tour in 13 years, with a series of US dates scheduled for this summer. The run begins in Nashville next month and will also see Patton and his bandmates reunite with longtime labelmates Melvins for the first time since 2003.
Patton has also recently launched his tour with Avett Brothers and teamed up with Jehnny Beth on the new single ‘Look At Me’.
