HMV’s survival leader steps down

Simon Fox will be replaced next month by Trevor Moore, who until recently was chief executive of camera retailer Jessops and has also worked for HSBC and Whitbread. Much of Mr Fox’s reign has seen HMV locked in a battle for survival as it tackled high debts and a declining market.

It made a key breakthrough earlier this year when it secured a refinancing deal with banks and better terms with key suppliers such as Universal Music. Mr Fox, who also oversaw the sale of Waterstone’s book chain, said: “I am proud to be leaving HMV with a profitable future secured.”

HMV chairman Philip Rowley paid tribute to Mr Fox: “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.”