Pace CEO departs

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Neil Gaydon, the chief executive of set top box maker Pace, has left the company with immediate effect after spending 2011 issuing a string of profit warnings.

The Saltaire-based company named Mike Pulli, the president of its Americas division, as its new chief executive this morning.

Pace said Mr Pulli would join the board with immediate effect and replace Mr Gaydon who will take time off to “seek a fresh challenge” after 16 years with the firm.

Pace in October issued its third profit warning of 2011, with that one sparked by flooding at a hard drive supplier in Thailand.

Analysts said at the time that the investor community was losing confidence in the management to turn the group around.

“Mike has developed a hugely successful business for Pace in the Americas, and his background and gravitas in the industry make him the right leader to succeed Neil and deliver our strategic plan,” chairman Allan Leighton said in a statement.