Entertainment retailer HMV‘s Finance Director David Wolffe is to stand down from his position just days after the exit of CEO Simon Fox, it has been announced today.
Wolffe was drafted in to the business at the end of 2010 as the specialist chain sought to transform its offering amid growing losses and, commenting at the time of his appointment, Wolffe recognised Fox‘s efforts towards change.
“The markets in which HMV operates are clearly not without their challenges, but I have been deeply impressed with the energy and plans for change that are being driven by Simon Fox and his team,” Wolffe said over eighteen months ago.
“I am, therefore, very excited by the opportunities that lie ahead and eager to play a key role in enhancing value for all stakeholders in HMV.”
However, things have worsened for the retailer as the entertainment sector goes through transformation in a bid to compete with online offerings and earlier this summer the group announced the sale of London music venue Hammersmith Apollo for £32 million in order to amend its banks facility with existing lenders.
As the group moves forward with its business strategy, it has appointed ex-Jessops CEO Trevor Moore to take over from Fox, a move backed by Fox who claimed he was glad to be leaving the company “in safe hands”.
A spokesperson confirmed the latest exit, commenting: “Following media speculation, HMV Group plc confirms that David Wolffe, Group Finance Director, has indicated his intention to leave the company.
“David will remain with the company until a successor is appointed to ensure a smooth handover.”