Beleaguered Pace sees another executive go However, when the company delivered its annual results in March last year it neglected to mention that one of its largest US customers had delayed a key order until the 2012. Mr Gaydon was replaced by Mike Pulli, who oversaw Friday's board shake-up that is intended to provide better management oversight of the business. Operations and buying departments that previously reported to the chief operating officer will now report directly to the chief executive. Allan Leighton, chairman, said: "The new senior structure gives the chief executive direct line of sight to the critical areas of the business. However, it's important to acknowledge the significant contribution that David has made to Pace over the last six years in building its operational capabilities. We wish him all the best. It is not clear how much Mr McKinney will receive in compensation from the company. However, Mr Gaydon received about £500,000 when he left and Mr McKinney could receive around £300,000. As part of the review, newly installed Mr Pulli also elevated Tim O'Loughlin to the role of president of Pace Americas. The job involves overseeing more than half of the company's operations with responsibility for a team 1,700 and revenues of $1.7bn (£1.1bn), The position was left vacant when Mr Pulli was made chief executive. Mr Pulli said: "Tim has worked at Pace for over a decade, including eight years as part of my Americas leadership team, and is extremely well respected both within the company and by our customers and partners. His appointment as president ensures continuity of leadership and the customer relationships that are critical to our continued growth in this region. News of the executive reshuffle was welcomed by investors, with Pace shares jumping 7.1pc to 79p yesterday. The company saw its shares collapse last year, falling from a high of 231.9p in February before bottoming out at 44.04p in November.