Simon Fox, the chief executive of HMV, has become adept at handling crisis situations in his ten months at the books and music retailer. Full-year profits fell 73 per cent yesterday, spooking investors, who have already suffered two warnings in the past year.

However Mr Fox, 46, who joined HMV from the electricals retailer Comet last September, remains optimistic that he can battle against stiff competition from the internet and supermarkets in a price-sensitive market. He insisted that the group, which is at the start of a three-year turnaround, was making progress and was on track with the restructuring plan: “The benefits of our actions are beginning to come through.”

Mr Fox, who lives with his wife and three children in Berkshire, began his career as a graduate trainee at Security Pacific Bank after Cambridge. He then went on to join Boston Consulting Group, the management advisory group, and Sandhurst Marketing. He set up Office World, the UK-based stationery retailer, in 1989 for the Swiss company Globus before joining Kingfisher in 1998.

Mr Fox headed the electricals division and, as managing director of Comet, led the demerger of the division from Kingfisher.

He has also been chief operating officer of Kesa Electricals, where he was charged with overseeing the company’s operations in the UK and continental Europe, covering about 350 stores and more than £2 billion of sales. He was also responsible for the e-commerce division, which he expanded across Europe.

Mr Fox prefers reading to music but he does listen to indie rockers, such as The Feeling and Keane. He says his musical tastes are driven these days by his two eldest children, aged 12 and 11.