UPDATE 1-Electrocomponents says CEO to step down

(Adds analyst comment, details, share movement)

Nov 13 (Reuters) - Electrocomponents Plc, a Britishdistributor of electronic products for engineers, said ChiefExecutive Ian Mason will step down at the end of the financialyear after 13 years at the helm.

Shares in the company fell as much as 5.4 percent, as thecompany also said sales growth in the second half had been muchlower than anticipated. The company's shares were among of thetop percentage losers on the FTSE Midcap Index.

Electrocomponents, which distributes about 500,000 productssourced from over 2,500 suppliers, said it would evaluateinternal and external candidates for Mason's replacement.

The company said Mason had indicated that he wished to stepdown once its five-year developmental strategy unveiled by himin 2012 was "established".

Electrocomponents reported a 16 percent fall in first-halfheadline pretax profit at 37.4 million pounds ($59 million) asfewer trading days and a strong pound cut into earnings.

Reported pretax profit, which includes a non-cash pensioncredit of 20 million pounds, rose 24 percent to 55.5 millionpounds.

"The numbers are below our 1H estimates, while a lack ofimprovement in growth into 2H will see FY forecasts come downonce more," said RBC Europe analyst David Greenall. He indicateda "negative" sentiment on the stock.

Group Finance Director Simon Boddie told Reuters in May thatthe strong pound would have a small impact on profit for theyear ending March 2015.

The pound has risen 0.17 percent against the U.S. dollar and 7.3 percent against the euro in the 12 monthsto Sept. 30.

The company said underlying sales rose 2.8 percent to 616.4million pounds. Fewer trading days and currency movementsreduced reported sales by about 36 million pounds.

Electrocomponents maintained its interim dividend at 5pence.

Shares in the company fell as low as 222.1 pence on Thursdaymorning on the London Stock Exchange before recovering to 225pence by 0958 GMT. ($1 = 0.6341 British pound) (Reporting by Noor Zainab Hussain in Bangalore; Editing byGopakumar Warrier)