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Wolffe Follows Fox Out The Door At HMV

(c) Sky News 2012

A second key executive of struggling entertainment retailer HMV has announced a decision to leave - days after the CEO departed.

In a statement, HMV said: "Following media speculation, HMV Group (Other OTC: HMVMF.PK - news) confirms that David Wolffe, group finance director, has indicated his intention to leave the company.

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

Last Thursday, CEO Simon Fox resigned from the firm, with a departure date announced of September 3.

The former head of Jessops (Berlin: JS4.BE - news) , Trevor Moore, is to take the role.

Mr Fox has taken the struggling retailer through tough times during his six-year reign, and following the company's close collapse last year has tried to turn its fortunes around.

However, during his time in charge HMV’s share price has plummeted and the firm has been forced to sell various arms of the business to refinance itself.

In June HMV sold its live music venues, including the Hammersmith Apollo, for £32m.

Last year Mr Fox also oversaw the £53m sale of the firm's book chain, Waterstones.

The retailer has been hit hard by competition from online retailers and the drop in sales of CDs (SNP: ^CDSY - news) and DVDs as digital downloading has become dominant.

In another bid to boost the business, HMV has shifted its focus onto technology products such as headphones, tablet computers and MP3 players.

HMV hopes that Mr Moore, who is credited with turning around camera chain Jessops, will further improve business strategy to pull profits back.