Pace Micro chief executive quits

The troubled set-top box maker sees another setback, following financial difficulties of its main customers

UK digital set-top box manufacturer Pace Micro has announced chief executive Malcolm Miller is to quit his post at the end of the year.

The loss is a further blow for Pace, which has been hit hard by turbulence in the UK pay-TV sector. The company was a major hardware supplier to now-defunct broadcaster ITV Digital and has also seen customers ntl and Telewest suffer in the downturn.

A renegotiation of its deal with BSkyB also further threatened Pace's revenues, causing the firm to issue a profit warning and lay-off around 200 staff earlier this year.

Miller is leaving to join Raymarine Group on 1 January 2003 as chief executive. Raymarine makes radar and satellite navigation equipment.

Some analysts have said that an upturn in the set-top box market may not be far off, with the BBC planning to launch its digital TV service later this month, and with pay TV consolidation in Italy. The BBC service fills the gap left by ITV Digital.

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