HMV boss steps down

HMV CEO Simon Fox is stepping down from the beleaguered entertainment retailer after six years at the helm.

HMV

Former Jessops boss Trevor Moore will replace him in September. He left Jessops last month.

Fox was brought on board in 2006 to turnaround the chain, which has suffered at the hands of changing consumer behaviour, which has seen sales of physical music dwindle in relation to digital downloads and streaming via services such as iTunes, Amazon and Spotify.

Fox has spearheaded the retailer’s turnaround strategy to shift from a retailer to an entertainment brand, with a presence in live music and ticketing – although it is now considering selling off its live music venture. It has already agreed to sell off the HMV Hammersmith Apollo in a £32m deal.

HMV also sold off Waterstone’s, its book chain, to focus on the core entertainment business.

The chain expects to be back in profit next year after securing further financial backing from its banks, despite a continued decline in sales.

In a statement, Philip Rowley, HMV Chairman, says: “[Simon] has led the company through a turbulent period for the entertainment retailing industry and has played an invaluable part in securing HMV’s future, not least by strengthening relations with suppliers and successfully refinancing HMV’s bank borrowings. [Trevor] has the right skills and experience to lead HMV in the coming years.”

Simon Fox said: “I am proud to be leaving HMV with a profitable future secured. The appointment of Trevor Moore means that I will be leaving the Company in safe hands.”

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