Sir Lucian Grainge is made a Knight Bachelor of the British Empire by the Duke of Cambridge at Buckingham Palace in London.

Universal Music Group chairman and CEO Lucian Grainge was honored on Tuesday during a ceremony at Buckingham Palace in London. Prince William, the Duke of Cambridge, donned his knightly sword and inaugurated Sir Lucian's appointment to the Order of the British Empire and Knight Bachelor for his accomplishments in the music business.

The knighthood was first announced in June as part of Queen Elizabeth II's 90th birthday honors. "It is with enormous pride that I receive this honor from Her Majesty the Queen," he said at the time. "It is a recognition of British music's significance to the U.K.'s culture and economy, its role in inspiring investment, and the contribution of incredible creative talent from around the world." [readmore:6874748]

UMG, owned by Vivendi, is having a good year. In the first nine months, UMG revenues were up 3.8 percent to $4 billion, with streaming alone accounting for a quarter of that. Grainge, a former A&R ­executive who worked with acts from Eurythmics to Amy Winehouse, was recognized as the top executive on this year's Billboard Power 100 list.