Further change in Pace with new international president
Editor ©RapidTVNews | 02-04-2012
In yet another managerial shake up as it attempts to re- establish some order following a disastrous 2011, Pace has appointed Shane McCarthy as President of its international business unit.
McCarthy will replace Mark Loughran with immediate effect and will assume responsibility for Pace International’s business in EMEA, APAC and Brazil, leading a team of over 700 people, delivering revenues of around $1 billion.
The move represents the fourth senior management appointment in as many months for the broadcast technology and services provider who has also changed, CEO, COO and chief financial director since 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 had cost the firm some $9.5 million.
Its 2011 financial report, the company saw clear regional differences in performance. Total revenues in North America increased by 27% to $1.0651 billion in 2011, driven by the full year impact of the 2Wire acquisition in October 2010 and performance was also strong in Latin America were revenues increased by 25% to $469.0 million in 2011, with strong underlying growth from both satellite and cable operators particularly in Brazil.
Commenting on the new appointment, Pace CEO Mike Pulli, said, “Shane has been with the Company for over seven years in a variety of engineering and commercial roles, most recently as Senior Vice President and General Manager of the combined NAGRA and NDS businesses. His appointment as President reflects his track record of excellence and guarantees a stable, seamless transition that will benefit Pace’s customers and support the company’s continued growth in these extremely important global territories.”