Universal Music Group Appoints Joseph Schmidt As New CFO

Universal Music Group (UMG) has appointed Joseph Schmidt to Chief Financial Officer, East Coast Labels, it was announced today by Ivan Gavin, Chief Operating Officer, East Coast Labels, to whom he reports. UMG's East Coast Labels include The Island Def Jam Music Group and Universal Republic Records. Formerly, Mr. Schmidt served as Vice President, Finance for RCA Records. He is based in New York City.
Mr. Schmidt will oversee financial functions, including planning, forecasting, reporting and deal analysis as well as marketing administration.  He will manage the finance staffs of Island Def Jam and Universal Republic which will report to him.
"Joe is a consummate professional who possesses the financial skills necessary to expertly navigate today's rapidly changing marketplace," commented Mr. Gavin. "And as we continue to expand the East Coast Labels, he's the ideal executive to oversee both Island Def Jam and Universal Republic finance staffs."
"It's great to be joining UMG's East Coast Labels at such an exciting time, while we are repositioning the group to maximize all opportunities on both the creative and financial sides of the business," stated Mr. Schmidt.  "Rarely do you have the kind of creative and business leadership that the East Coast Labels enjoy.  I'm happy to be a part of it and look forward to contributing."
Mr. Schmidt had been with Sony Music for over 15 years, most recently at RCA Records, whose artists include Alicia Keys, Usher, Foo Fighters, Chris Brown and P!nk. Prior to RCA, Mr. Schmidt was with Sony Music Entertainment and SONY BMG Entertainment in a number of key finance positions across the companies' respective labels and label groups.
Universal Music Group is the world's leading music company with wholly owned operations in 60 territories. Its businesses also include Universal Music Publishing Group, the industry's leading global music publishing operation. Universal Music Group's record labels include A&M/Octone, Decca, Def Jam Recordings, Deutsche Grammophon, Disa, Emarcy, Fonovisa, Geffen Records, Interscope Records, Island Records, Lost Highway Records, Machete Music, MCA Nashville, Mercury Nashville, Mercury Records, Motown Records, Polydor Records, Universal Music Latino, Universal Republic and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalogue of music in the industry, which includes the last 100 years of the world's most popular artists and their recordings. UMG's catalogue is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Universal Strategic Marketing (outside the U.S.). Universal Music Group also includes Global Digital Business, its new media and technologies division and Bravado, its merchandising company.