Pace appoints new chief executive to steady ship

Set-top box maker Pace has announced a new chief executive to take the helm after a difficult year for the company.

Pace has appointed Mike Pulli, currently president of Pace Americas, who succeeds Neil Gaydon.

The firm said Gaydon, who stepped down after 16 years with Pace, had decided to "take some time off and look for a fresh challenge".

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It has been a torrid year for the company, which last month predicted full-year profits will be well under previous estimates due to flooding at its plant in Thailand.

In July it said half yearly pre-tax profit had more than halved, despite an increase in sales, after inventory management problems, losses at its Networks business and the impact of Japan's Tsunami

Chairman, Allan Leighton, said Pulli had developed a hugely successful business for Pace in the Americas.

"His background and gravitas in the industry make him the right leader to succeed Neil and deliver our Strategic plan," the former Royal Mail chairman said.

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