Embattled music retailer HMV appointed a new chief executive yesterday after securing the services of a former boss at retail chain Comet.

Simon Fox (right), who founded Office World and was recently chief operating officer at Comet owner Kesa, will succeed Alan Giles who will step down at the company's AGM on September 28.

The music store and bookshop owner reported plummeting sales this month as it continued to struggle with supermarket and internet competition.

Carl Symon, non-executive chairman, said: "Simon has a strong strategic mind combined with a first rate track record in all aspects of retailing."

The company, which also owns Waterstone's book stores, hopes price cuts and online sales will bring a revival.

Mr Fox takes on the role weeks after HMV completed a £62.9 million takeover deal for Ottakar's bookshops.