Troubled hi-tech firm Pace Micro Technology today announced its new chief executive - the man currently in the hot seat.

John Dyson, currently acting chief executive at the Saltaire-based firm, assumes the role with immediate effect and will be paid £250,000 a year.

In addition, he is to be granted options over 500,000 shares in the company which makes set-top boxes to enable viewers to access digital and satellite TV.

Mr Dyson replaces Malcolm Miller who left the firm at the beginning of the year to join Portsmouth-based Raymarine Group.

The new boss joined Pace in November 1997 as finance director. Before then he spent 25 years in the electronics industry and he is also a Non-executive Director of XP Power plc.

Sir Michael Bett, Chairman of Pace Micro Technology plc, said: "We are pleased to appoint John as Pace's new chief executive.

"John has played a major role in Pace's development over the last five and a half years.

"Since taking on the role of Acting Chief Executive in January he has directed a significant reorganisation and cost-reduction programme.

"The board believes the company is now in a good position to take advantage of new business opportunities as they arise."

The company has been hit by profits warnings and job losses as demand for set-top boxes fell across the world.