HMV retail director Neil Taylor is stepping up as MD after the announcement of chief executive Ian Topping’s planned retirement.
Topping is set to leave later this year after five years as chief executive. Taylor, who has worked at HMV for 30 years, will take over with immediate effect during a six-month transition period.
Rudy Osorio, who has been with the retailer for 27 years, is promoted to the role of commercial director. Patrizia Leighton has been promoted to the role of marketing director.
Hilco Capital acquired HMV five years ago. The music retailer has benefited from the vinyl revival in recent years, though it is facing tough competition in the declining market for CD sales from supermarkets on key releases. Q4 sales across the whole market were also disappointing despite HMV's hopes for a decent Christmas.
Paul McGowan, Hilco Capital’s executive chairman, said: “We have been pleased with our investment in HMV and the ability of the management team to deliver strong performances against a very challenging market backdrop. We would like to thank Ian Topping for the leading role he has played in implementing this process over the last five years. I would also like to congratulate Neil, Rudy and Patrizia on their well-deserved promotions which position the business nicely for the next stage in its evolution.”