Shares of Universal Music Group () declined in Amsterdam trading Wednesday on news that billionaire investor Bill Ackman has resigned from the company's board.

Ackman's Pershing Square Holdings said the resignation was "due to increasing demands on his time from his other Pershing Square commitments," such as a recent appointment as executive chairman of the board of Howard Hughes Holdings (HHH).

Ackman said he "greatly enjoyed being a director of UMG as it has transitioned from a private company into a flourishing public enterprise," and said he believes the company is "extremely well positioned for future growth and profitability."

Universal Music Group represents some of the most popular musicians in the world, including Swift, Kendrick Lamar, and Ariana Grande. In its own statement, the firm's board said it is "very grateful for Mr. Ackman's contributions to the Company."

Ackman Had Pushed UMG to List in US

Ackman has pushed the company to list in the U.S., and said in March that Pershing Square had reduced its UMG stake to about 17% of its portfolio, still its largest position but down from roughly 27% previously.

On Monday, UMG announced that it had appointed a new finance chief, former Verizon Communications (VZ) CFO Matt Ellis, who will take over the role on June 9.

UMG's Amsterdam-listed shares were down 3% in recent trading. They have risen more than 7% since the start of the year.