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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
