Pace remains silent on Leighton rumours

TROUBLED set-top box maker Pace was last night staying tight-lipped on reports it is planning to name former Asda boss Allan Leighton as its new chairman.

The Saltaire technology firm said it never commented on “speculation” after it was suggested Mr Leighton will replace Mike McTighe this week.

Mr McTighe has served as chairman for five years and has been on the board since 2001. Last week Mr Leighton was appointed chairman of budget fashion retailer Peacocks as it looks to increase growth overseas.

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The retail veteran has held a string of top directorships since quitting Leeds-based Asda and “going plural” in November 2000.

He was chairman of Royal Mail for seven years and has also filled non-executive roles at BHS, BSkyB and Selfridges.

Pace has been hit by a series of setbacks this year although founder and major shareholder David Hood has backed the management team after calls for resignations.

Neil Gaydon, chief executive, apologised at Pace’s AGM earlier this month after the firm issued a shock profits warning. He said some of the problems were due to a “dropped ball by management” and saw investors stage an unsuccessful revolt over executive pay.

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Mr Gaydon has, however, been credited with turning a company once seen as a basket case into the world’s largest producer of set-top boxes. Pace has said full year operating profits are expected to be in the range of $150m-$170m (£97m- £110m).

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