Universal Music Group’s veteran vice chairman and chief financial officer is leaving the firm, the first top exec to leave since the arrival of CEO Lucian Grainge in June.
Nick Henny, who was hired by outgoing chief Doug Morris, is retiring after a decade with the world’s largest music company.
Grainge — dubbed the “killer shark” by Morris — is drafting international CFO Boyd Muir to take over before the end of the year. He will relocate from London to Los Angeles, where Grainge is based, and be appointed global CFO, a new title.
Henny’s departure may be a part of an expected overhaul, although Grainge has not revealed any specifics of such a plan. For example, insiders have speculated that label CEO Antonio “L.A.” Reid of Universal’s Island Def Jam might leave, although the company has denied it.
Henny, who was born in Holland but grew up in the US, was head of finance at Sony Corp. of America before joining Universal in 2000.
“Nick made it clear to us that he feels the time has come for him to take on different challenges in his life,” Universal said in a statement.
“While we are sorry to see him go, especially during this transitional period, we certainly understand and respect his decision.
“Nick has been a great CFO, benefiting us over the years with his invaluable insight, expertise and friendship, all of which has helped make [the company] the market leader.”
Henny is the most high-profile departure in a music business roiled by layoffs. In the last few months, EMI, Warner Music Group and concert promoter Live Nation have shed scores of workers.
New management at Warner Bros. Records booted several key staff members in the wake of CEO Tom Whalley’s departure in September.
Those exiting include: Jack Isquith, senior vice president of digital music, and top artist and repertoire executives Perry Watts-Russell and Kevin Williamson.
In marketing and promotions, Bob Gordon and Tom Biery are also said to be departing the firm.