HMV boardroom dog days continue as Wolffe follows Fox out the door

By PETER CRIPPS
Published on 07/08/2012 00:00

The management upheaval at HMV continued yesterday after its finance director confirmed that he planned to follow the chief executive out the door.

David Wolffe’s departure comes just days after it emerged that Simon Fox, who has been at the helm for six years, will be replaced next month by Trevor Moore, the former boss of camera chain Jessops. Wolffe, who joined HMV from ITV Studios in January 2011, will stay on until a replacement is found.

The boardroom changes have added to jitters about HMV’s recent performance, with the firm this week expected to report full-year losses of £16 million.
Seymour Pierce analyst Kate Calvert said after yesterday’s announcement: “This is likely to result in speculation that trading remains under pressure and that the business may not return to profit in the full-year to 2013.”

She said the group had failed to gain from the demise of Zavvi in 2008 and will continue to feel pressure from online players and supermarkets.

HMV has said it hopes to return to profit in the current financial year as it benefits from selling more video games following the collapse of Game.