Leighton is new Pace chairman
DIGITAL television technology firm Pace has named Allan Leighton as its new chairman and launched a strategic review of the business.
Mr Leighton joins the Saltaire-based firm in the wake of a profits warning earlier this month which led to a substantial drop in the share price and news of a major customer deferring a large order earlier in the year.
One of the country’s best known businessmen, Mr Leighton is a former chief executive of Asda and former deputy chairman of Leeds United.
He said: “I’ve watched the Pace business develop with both its ups and bumps for 15 years. I’ve always felt there is a ‘great technology company’ in there.
“My task now with the management and the board is to deliver that ‘great technology company’ and the value that goes with it without the bumps. This process will start with a strategic review of the company.”
Mr Leighton has bought shares worth £200,000 which will be matched on a two for one basis by the company. He will also receive up to a further 600,000 shares depending on the company’s share price over the next four years.
He replaces Mike McTighe who has spent five years as chairman and ten as a non-executive director at the firm.
Mr McTighe said: “I am proud to have played a significant part in Pace’s turnaround over the past five years. Despite the recent setbacks Pace is well positioned for the long term and I am confident it will continue to lead the global digital TV market.
“The board has undertaken a thorough and exhaustive search for my successor and it’s terrific that we are appointing someone of Allan’s calibre as the next chairman of Pace.”
In the last two years Pace has made a series of acquistions over the last two years including the £308m purchase of US business 2wire and it is thought the business is now focusing heavily on better integrating those companies.
Pace chief executive Neil Gaydon said: “Mike has played a key role in developing Pace’s industry leadership position and I would like to thank him for his service and the guidance he has given to this business and to our management team.
“We are very excited to be welcoming Allan Leighton to the board; his track record of running businesses is outstanding, and we very much look forward to his contribution.”
