HMV announces change at the top

HMV named a new chief executive today after the boss credited with keeping the music chain afloat announced plans to step down after six years in the role.

Simon Fox will be replaced next month by Trevor Moore, who until recently was chief executive of camera retailer Jessops and has also worked for HSBC and Whitbread.

Much of Mr Fox's reign has seen HMV locked in a battle for survival as it tackled high debts and a declining market.

It made a key breakthrough earlier this year when it secured a refinancing deal with banks and better terms with key suppliers such as Universal Music.

Mr Fox, who also oversaw the sale of Waterstone's book chain, said: "I am proud to be leaving HMV with a profitable future secured."

HMV chairman Philip Rowley said Mr Fox had the "right skills and experience" to lead HMV over the coming years.

He also paid tribute to Mr Fox: "I want to thank Simon for his contribution to HMV. He has led the company through a turbulent period for the entertainment retailing industry and has played an invaluable part in securing HMV's future."

As part of its turnaround strategy, HMV has focused on its specialist ranges of music and DVDs and growing sales in portable technology and online and digital offers.

The chain has felt the pressure of the consumer spending squeeze as cash-strapped customers turn to cheaper deals on the internet for music and film.

PA