HMV appoint Chairman
Robert Swannell will remain on the Board as a Non-Executive Director.
Philip joined the HMV Group Board in October 2007 and has been the Senior Independent Non-Executive Director since February 2010. Prior to this he was Chairman and CEO of AOL Europe and was Group Finance Director of Kingfisher plc from 1998 to 2000.
His previous roles have also included Executive Vice President and CFO of EMI Music Worldwide, and COO and CFO of Golden Books Family Entertainment, the largest children's book publisher in the US.
Robert Swannell was appointed to the Board of HMV Group as Chairman on 2 February 2009 and in August 2010 it was announced that he was to become Chairman of Marks & Spencer plc. The Board and Robert have recognised the increasing time requirements of the Chairman’s role at HMV and have decided to appoint Philip as Non-Executive Chairman with immediate effect.
Simon Fox, Chief Executive, said,“We are all very grateful to Robert for his leadership during his time as Chairman and are delighted that he will remain on the Board as a Non-Executive Director. We believe that Philip with his wealth of experience across the entertainment industry is ideally qualified to guide HMV Group as it moves forward.”
Philip Rowley said,“I look forward very much to taking on the role of Chairman of HMV Group at this important time and to working closely with Simon and the Board on the challenges and opportunities facing the Group.”
Earlier today HMV issued another profits warning as it starts talks with its banks about a new lending facility as it expects to breach some of its covenant tests when they are next tested.
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