The HMV Group, owner of the UK's largest entertainment retailer, today announced in a statement to investors that CEO Simon Fox would be stepping down on September 3 and would be replaced by Trevor Moore.

Moore, was formerly the chief executive of camera retailer Jessops and has worked for HSBC and Whitbread.

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"On behalf of the Board, I want to thank Simon for his contribution to HMV," Philip Rowley, HMV Chairman said in a statement. "He has led the Company through a turbulent period for the entertainment retailing industry and has played an invaluable part in securing HMV's future, not least by strengthening relations with suppliers and successfully refinancing HMV's bank borrowings."

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Fox managed to keep the beleaguered music retailer afloat over the past six years in a contracting music and retail market shifting more of its resources and retail space to tech and digital. HMV, which has 233 stores in the UK and Ireland, has struggled to compete against online retailers with sales of physical CDs and DVDs plummeting. in the last several years HMV made a number of bold financial deals including acquiring, investing in and/or selling the live music company MAMA group, the digital download service 7digital and Waterstone's book chain, among others.

Earlier this year Fox helped secure a refinancing deal and better financial terms with the music labels. And two months ago the company said it expected to make a pre-tax loss of about £16m ($25 million ) in the 2011-12 financial year AND expected to return a profit in 2012-13.

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"I am proud to be leaving HMV with a profitable future secured," Fox said in a statement. "The appointment of Trevor Moore means that I will be leaving the Company in safe hands."