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Simon Fox to leave HMV

Simon Fox is to stand down as chief executive of HMV Group and will be replaced by Trevor Moore, the former chief executive of the Jessops camera chain.

GENERAL MERCHANDISE

Simon Fox to leave HMV

HMV said that Fox will stay in post until Moore arrives on 3 September to ensure a smooth handover of his responsibilities.

Fox has held the position of CEO for the last six years. In that time
he has seen the group become a victim of the digital revolution, competing with online retailers and supermarkets selling discounted CDs and DVDs.

Credited with keeping the company afloat, in May last year Fox led the sale of the group’s  Waterstones book chain to a fund controlled by Russian billionaire Alexander Mamut for £53 million. As part of its turnaround strategy, the group has moved its focus to selling specialist music and DVDS as well as a range of technology products such as tablet computers, iPods and headphones.

Philip Rowley, HMV chairman, said: "On behalf of the Board, 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, not least by strengthening relations with suppliers and successfully refinancing HMV's bank borrowings.

Moore joins HMV from Jessops where he was chief executive has a strong track record in consumer facing businesses including HSBC and Whitbread.

Rowley added: "We are delighted to have recruited someone of Trevor's calibre. He has the right skills and experience to lead HMV in the coming years."

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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