Pace loses its head

CEO to start the new year with a new challenge...

UK digital set-top box manufacturer Pace Micro has announced CEO 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 CEO. Raymarine makes radar and satellite navigation equipment.