Universal Music Group (UMG) has appointed Joseph Schmidt as chief financial officer (CFO) for its East Coast Labels division, which includes The Island Def Jam Music Group and Universal Republic Records.
Schmidt was previously with Sony Music for more than 15 years and most recently served as vice president, finance for RCA Records. He will now report to Ivan Gavin, East Coast Labels’ chief operating officer (COO) and will manage the finance staffs of Island Def Jam and Universal Republic, with be responsibility for overseeing financial functions, including planning, forecasting, reporting and deal analysis.
The country is expected to survive the review, which it must do to retain its place in the European Central Bank’s asset purchase programme.
The bank believes that the battered UK currency, recently only just holding above the US$1.20 level, could be trading at US$1.36 by this time next year.
The Middle East oil producer’s debut global bond issue surpassed the total of US$16.5bn raised by Argentina when it tapped the market earlier this year.
The group reports that currency fluctuations were less of a challenge to multinationals in the second quarter of 2016, but Brexit has since spelt a return to volatility.