HMV Japan president Paul Dezelsky will leave his post at the end of the year, has learned.

"It is a completely personal decision," Dezelsky tells "After 12 years I feel it is time to challenge something new and would like to run my own business, which will not be related to music retailing.

"HMV Japan is in good shape and has a strong management team," Dezelsky says. "I am very proud of what we have achieved, and feel that it is a good time to hand over."

HMV Group sold the 62-store HMV Japan business to Daiwa Securities SMBC Principal Investments, an affiliate of Tokyo-based Daiwa Securities Group in late August for ¥17 billion ($153.1 million).

"The new owners have been very supportive, and plans are currently being worked on for further development of the HMV brand in Japan," notes Dezelsky, adding that he will serve as an advisor to HMV Japan after steps down as president.

He says Daiwa executives Tetsuozo Hasegawa Yuichi Amemiya will be appointed as HMV Japan chairman and president, respectively.