Second top HMV executive set to leave the firm

 
Kasmira Jefford
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THE FINANCE chief of HMV is to step down from the ailing music entertainment chain, just days after its chief executive Simon Fox resigned.

The retailer is looking for a replacement for David Wolffe, who joined HMV from ITV Studios in January last year, according to sources familiar with the company.

Russell Reynolds Associates is understood to be conducting the search and an announcement is likely to be made soon.

He follows Fox, who announced on Thursday that he is to step down next month, six tumultuous years after taking the helm. He will be replaced by Trevor Moore, the former chief executive of the camera retailer Jessops.

Since Wolffe’s appointment last year, HMV has undergone radical changes in a bid to stem declining sales and tackle growing competition from the boom in digital music.

The group disposed of the Waterstone’s bookshop chain last year and is in the process of selling off its profitable live entertainment arm to help pay down its £180m debt pile.

It was also thrown a lifeline by its banks and suppliers earlier this year, which eased its covenants.

HMV is on Wednesday expected to post a £16m loss for the last financial year, as forecast by the group in May.

At the time, Fox said HMV was on track to make a profit of at least £10m next year and halve debt within the next three years.

The company declined to comment.