This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Business News Industry People Retail
HMV appoints new non-exec director
By CMU Editorial | Published on Monday 28 May 2012
HMV has appointed David Adams, formerly Chairman of camera seller Jessops, to its board of directors in a non-executive post. Adams, who has worked in senior and board roles at various retailers, will bring a “wealth of retail experience to the HMV board”, the flagging entertainment retailer told investors. He will also head up HMV’s audit committee.
Confirming the appointment, HMV Chairman Philip Rowley said: “I am delighted to welcome David to the HMV Board. David’s knowledge of the retail sector will be of great value to HMV as we move the business forward”.
Meanwhile Adams added: “I look forward to working with the HMV team. I am encouraged by the progress they have made in stabilising the business and look forward to playing a part in the company’s ongoing transformation”.
HMV is operating in an ever challenging marketplace of course, and losses for the last financial year should top £16 million. A previous plan to diversify into other parts of the entertainment business has been shelved in favour of focusing on revamping the HMV high street stores. With that in mind, we expect any day now an announcement regarding the sale of the retailer’s live music business the MAMA Group.
As previously reported, it’s thought AEG Live will buy some of MAMA’s venues, while the rest of the business will either be held onto by HMV or, more likely, be sold to another party, very possibly a management buyout.
