Leighton axes Pace boss Gaydon after profit warnings

The veteran boardroom operator Allan Leighton shook up struggling TV set-top supplier Pace Technologies yesterday as he ousted Neil Gaydon as chief executive.

Mr Leighton, who took over as chairman of Pace in August, promoted the company's US boss, Mike Pulli, to replace Mr Gaydon with immediate effect.

There were no details about Mr Gaydon's pay-off but he is set to walk away with at least £600,000.

He is entitled to a year's basic salary of £500,000, plus pension and benefits, on termination of his contract. He also has options on almost 3 million shares.

Mr Gaydon's departure was not a surprise as he has presided over at least three profit warnings this year and had to warn last month that next year's profits would also take a big hit.