New chairman Leighton signals change of Pace
ALLAN Leighton, who was confirmed as the successor to Mike McTighe at the struggling TV set-top box maker Pace yesterday, is planning to launch a strategic review of the Yorkshire-based company.
Leighton, who has led the boards of the Post Office and supermarket chain ASDA, 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.”
Markets reacted well to Leighton’s appointment yesterday, with Pace’s shares closing 2.5 per cent higher at 117.8p.
Shares in the group fell 40 per cent in a single day earlier this month, after it said profits would be hit by a poor performance in Europe and higher supply chain costs due to Japan’s earthquake.