Simon Fox hands over control of HMV after turbulent times

HMV will next month part company with a boss credited with keeping the music and DVD chain afloat.

Simon Fox, who has been in the chief executive’s role for the past six years, is set to hand the reins over to Trevor Moore, who was until recently the head of camera retailer Jessops.

During much of Fox’s tenure, HMV was locked in a battle for survival as it tackled high debts, online and supermarket competition and the threat from music and film downloading.

It was thrown a lifeline earlier this year when banks and suppliers, including record label Universal Music, came to its rescue, signing improved terms that will ultimately help the group shed around half of its £180 million debt pile over the next three years.

Fox, who also oversaw the sale of the Waterstones book store chain, 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.”

Chairman Philip Rowley said Moore had the “right skills and experience” to lead the group over the coming years.

He also paid tribute to Fox, saying: “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.”

As part of its turnaround strategy, HMV has focused on its specialist ranges of music and DVDs, plus growing sales in portable technology and online and digital offers.

The firm has also become one of the biggest sellers of headphones in the UK as consumers look to upgrade on the items supplied as standard with MP3 players and smartphones.