World-leading set-top box maker Pace (LSE: PIC) hopes a new chairman will help turn around what has been a particularly turbulent half-year of business. Allan Leighton, deputy chairman of department store Selfridges and chairman of budget clothing chain Peacocks, has been tabbed to take over for current Pace chairman Mike McTighe this summer.
Leighton, who was formerly chairman of Royal Mail, will face a challenge. Pace has in the last six months suffered supply problems related to the Japanese tsunami and said a major order from a U.S. customer was being pushed back to 2012.
Leighton said his job is to help Pace become a "great technology company" without the "bumps." He's also put his money where is mouth is, buying 200,000 pounds worth of Pace stock.
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Pace supplies slammed by Japan's troubles, but U.S. unit posts strong performance
Pace slowed as U.S. customer delays set-top box order