Neil Gaydon, who has overseen spectacular growth at Saltaire-based digital TV technology group Pace plc, has stepped down as chief executive after 16 years with the company.

In a brief statement the firm said he would be replaced by Mike Pulli, currently president of Pace Americas, who has joined the board with immediate effect.

The company said Mr Gaydon has decided to step down to take some time off and look for a fresh challenge.

Chairman, Allan Leighton, said: "Mike has developed a hugely successful business for Pace in the Americas, and his background and gravitas in the industry make him the right leader to succeed Neil and deliver our Strategic plan".

"We would like to thank Neil for his significant contribution to Pace over a 16 year period, the last five as CEO, and wish him and his family well for the future."

During 2011 pace has been beset by a string of profit warnings, some of which related to supply problems caused by natural disasters in Japan and Thailand which led to a worldwide shortage of hard disc drives after severe flooding of key factories.