HMV's Wolffe follows Fox out the door

HMV, the music and entertainment retailer which has lost 99pc of its value since December 2004, has confirmed its finance director is to leave.

David Wolffe will "will remain with the company until a successor is appointed to ensure a smooth handover".

Wolffe will follow outgoing Chief Executive Simon Fox who will be replaced by turnaround specialist Trevor Moore, the man behind the Jessop's camera chain revival.

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Last week it was revealed Fox will leave with a pay package of almost £0.5m.

HMV has struggled to combat the rise of the Internet, which offers consumers cheap and convenient music downloads. To shore up its position the group has been flogging the family silver including the Waterstone's chain of booksellers and the Hammersmith Apollo.

BS