HMV boss Ian Topping has stepped down after five years in the role and is to be succeeded by retail director Neil Taylor.

Topping will leave the company after a six-month transition period to pursue “a variety of part-time challenges”.

HMV said Taylor has worked his way up through the music retailer over a 30-year period.

It dubbed him a “highly experienced and successful retail operator” and said he is “well prepared for the challenge of taking the business forward to the next stage”.

Simultaneously, Rudy Osorio, who has been with HMV for 27 years, has been promoted to commercial director, and Patrizia Leighton is taking on the role of marketing director.

HMV, which was acquired by private equity firm Hilco Capital five years ago, said: “Despite the ongoing demands of physical to digital entertainment transitions and a general retail industry move from stores to online, the business remains in good shape.”

Hilco executive chairman Paul McGowan said: “We have been pleased with our investment in HMV and the ability of the management team to deliver strong performances against a very challenging market backdrop.

“We would like to thank Ian Topping for the leading role he has played in implementing this process over the last five years.”