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HMV Announces New Financial Director

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HMV
HMV board director shakeup continues | AFP/Getty Images

Following last night's media speculation, troubled music retailer HMV has confirmed the appointment of Ian Kenyon as its financial director.

Kenyon, who will join HMV in September, arrives from Carphone Warehouse, where he held the role of chief financial officer of Best Buy Europe, a joint venture between Best Buy and Carphone Warehouse.

He has also previously held roles at Carpetright, J Sainsbury, Kingfisher and St Ives.

Kenyon succeeds current FD David Wolffe, who will remain in post until Kenyon's arrival.

In a press release, Phillip Rowley, HMV's group chairman, said Kenyon brought valuable experience from well run companies to HMV, and thanked Wolffe for his work during a turbulent few months.

Wolffe's departure came just days after Simon Fox, chief executive, announced his intention to quit the company.

Mr Fox told the Financial Times last week that it was an “appropriate” time to move on. “I leave behind a business that has survived when many thought it wouldn’t,” he said.

It is hoped Kenyon's arrival will reassure investors and shoppers of HMV's future. It reported weak Christmas sales, with like-for-like sales falling more than 8% in the final five weeks of 2011.

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