Market-leading music and entertainment retailer HMV Group plc today (July 18) named Simon Fox as its incoming chief executive.

Market-leading music and entertainment retailer HMV Group plc today (July 18) named Simon Fox as its incoming chief executive.

Fox will officially join the chain on Sept. 4 as group chief executive-designate. At the company's Sept. 28 annual general meeting, he will succeed incumbent chief executive Alan Giles, who will retire.

Following the announcement, stock in HMV was up 2.68% to 163 pence in morning trading.

Fox joins HMV from electrical goods retailer Kesa Electricals plc, where he most recently served chief operating officer, with responsibility for the Comet division in the United Kingdom, Kesa's subsidiaries in Continental Europe and the chain's e-commerce developments.

In a statement issued this morning to the London Stock Exchange, HMV Group non-executive chairman Carl Symon said Fox had a "strong strategic mind combined with a first-rate track record in all aspects of retailing." Fox will lead HMV's transformation in a "truly world class multi-channel retailer," Symon added.

HMV earlier this month warned that its annual profit would be hit by 21% due to difficult trading conditions.