HMV hires finance chief from ITV

HMV Group, the entertainment and book retailer, has hired David Wolffe from ITV as its new finance director, in an effort to strengthen its diversification strategy.

Wolffe, the finance director at ITV Studios, the broadcaster's content production and distribution business, will join HMV on 10 January. His salary will be in line with the £332,000 received by Neil Bright, the former finance chief at HMV who joins Holidaybreak, the leisure group, next month.

Simon Fox, the chief executive of HMV, which also owns thebookseller Waterstones, said that Wolffe's "broader strategic expertise of changing media markets... will be invaluable to us".

HMV has diversified its offer into cinema, live concerts and festivals recently. But the group's pre-tax losses nearly doubled to £41.3m over the 26 weeks to 23 October.