Business

HMV chief executive Simon Fox to stand down

  • 2 August 2012
  • From the section Business
Simon Fox
Simon Fox has led HMV for six years

The chief executive of music, films and games retailer HMV is to step down next month after six years in the role.

The company said Simon Fox would be replaced by Trevor Moore, a former boss of camera retailer Jessops.

Mr Fox has led HMV through tough trading conditions, as sales of CDs have been hit by the big rise in internet downloads.

He closed stores and increased sales of video games, and last year sold off the Waterstones book chain.

In May, HMV said it intended to return to profitability next year thanks to the changes it had made.

Mr Fox said: "I am proud to be leaving HMV with a profitable future secured."

In January, HMV agreed a deal with its banks and suppliers aimed at halving its debts over the next few years.

Under the agreement, HMV's main suppliers were given a 2.5% stake in the business, while its banks gave it a nine-month breathing space on its debt agreements.

The company also secured a £220m refinancing deal with its banks last summer.

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