Entertainment retailer HMV today announced that CEO Simon Fox is to step down and be replaced by ex-Jessops chief Trevor Moore.
Fox, who has been with the retailer for six years, will remain in the post under September 3rd 2012 and Philip Rowley, Chairman of HMV, thanked Fox for his hard work.
“On behalf of the Board, I want to thank Simon for his contribution to HMV,” he said.
“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.
“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.”
As the entertainment retail sector continues to be cannibalised by digital giants while struggling against piracy, HMV has battled to maintain its position on the high street and earlier this year predicted full-year losses to total £16 million.
In June, the beleaguered group sold London venue Hammersmith Apollo for £32 million, allowing HMV to extend its bank facilities.
Moore described the company as “a fantastic brand” and looks forward to building its position while Fox believes that the move will aid the retailer‘s long-term plans.
Fox commented: “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.”