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Pershing Square Founder Bill Ackman Resigns From UMG’s Board

Bill Ackman of Pershing Square Capital said he will resign his seat on Universal Music Group's board of directors, effective immediately.

Bill Ackman, whose hedge fund Pershing Square Capital has been among Universal Music Group’s largest investors, said he will resign from his seat on UMG’s board of directors effective Wednesday “due to new executive and board obligations arising from his recent investments,” according to a company statement. However, its stake was reduced to 4.9% this year following a planned distribution to limited partners in January and the sale of approximately 50 million shares in March. Despite the reduction, UMG remains Pershing Square’s largest single holding, representing 17% of the firm’s total capital across its funds.

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