Third senior executive falls at Pace
Editor ©RapidTVNews| 24-02-2012 Broadcast technology and services provider Pace has suffered the loss of a third senior executive in just over three months with the removal of Stuart Hall as chief financial director.
Hall’s dismissal follows the resignation of former CEO Neil Gaydon in December 2011 and the departure of former COO in January 2012.
Hall, like his former colleagues has paid the price for a calamitous 2011 which saw the company issue a number of profit warnings due to a build-up of inventory ahead of schedule and a higher than planned cash outflow in order to ensure that it could deliver on customer orders within a tight supply chain environment. In November 2011, the company published an interim management statement for the period covering 1 July 2011 to 16 November 2011 conceding hard disk drive supply issues, due mainly to flooding at suppliers’ factories in Thailand that had cost the firm some $9.5 million. The blows were projected to have seriously dented profits for the year.
Hall will be succeeded by Roddy Murray, who held a similar position at plumbing and heating company BSS Group, Pace CEO Mike Pulli said: “We are delighted to welcome Roddy to the business. His background will be valuable as we move into the next stage of Pace’s development and deliver on our strategic plan.” Added Allan Leighton, chairman, added: “We would like to thank Stuart for his contribution to Pace during his time here. He joined the company in 2007 and has helped steer the business through an important phase in its development. We wish him and his family well for the future.”