14th May 2025 11:49
(Alliance News) - Pershing Square Holdings Ltd on Wednesday said Founder & Chief Executive Officer Bill Ackman has resigned from the board of Universal Music Group NV.
Pershing Square, an investment holding company, said Ackman is leaving Universal Music "due to increasing demands on his time" from other commitments, including his recent appointment as executive chair at Texas-based real estate firm Howard Hughes Holdings Inc.
Shares in Howard Hughes were trading 2.8% higher at USD73.64 in the New York pre-market on Wednesday.
Pershing Square shares were down 0.8% at 3,752.00 pence in London.
Earlier this month, Pershing Square announced a USD900 million investment in Howard Hughes, acquiring 9 million new shares at USD100 each and raising its stake in HHH to 46.9%.
As part of the deal, Ackman was named HHH's executive chair, while Pershing Square Chief Investment Officer Ryan Israel took on the same post at HHH.
Pershing Square, which focuses on acquiring and holding significant positions in large capitalisation companies, agreed to cap its beneficial ownership of HHH at 47% and its voting power at 49%.
Ackman holds a 4.74% stake in Hilversum, Netherlands-based Universal Music as of March 13, mainly through various Pershing Square funds. Universal Music is a music recording, publishing and merchandising company.
"Over the last three years, I have greatly enjoyed being a director of UMG as it has transitioned from a private company into a flourishing public enterprise," Ackman commented. "The company is extremely well positioned for future growth and profitability under the superb leadership of Sir Lucian Grainge and the entire UMG team."
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Pershing Square Holdings