Pace chief executive Neil Gaydon has been replaced by president of Pace Americas Mike Pulli.

In a statement, Pace said that Gaydon had stepped down after 16 years “to take some timeoff and look for a fresh challenge”.

Pace chairman Allan Leighton said: “Mike has developed a hugely successful businessfor 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”.

Pace was hit by supply chain problems earlier this year, prompting the Yorkshire-based firm to slash profit expectations.