HMV CEO Simon Fox to quit?

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HMV CEO Simon Fox could be set to leave the retailer to become the new boss of ITV, according to reports.

According to The FT, HMV shares fell more than two per cent yesterday as the City digested the news.

Fox, 48, took the top job at HMV in 2006, and has been instrumental in a major turnaround for the chain – from suffering ‘very tough conditions' to achieving impressive annual profits during a recession.

ITV has suffered from dramatic decline in recent years. The firm posted a 2.7bn annual loss for 2008 in March.

Chief exec Michael Grade quit a month later after cutting 1,600 jobs.

MCV has contacted HMV for comment.