Cyclists and traffic lights: does red mean stop?

A real life scenario: a walk to school for pick up time. About to cross our local busy A road, and I stop at the pedestrian crossing. I pressed the button, the lights went red, the cars stopped and I started to cross. Coming towards me was a cyclist on the road nearside to the pavement - an elderly man all decked out in lycra and high vis, helmet, etc - who went straight through the red light, didn’t slow down and carried on his merry way.

Fortunately, I was not in his path as I skipped across the road out of his way but surely this is, if not dangerous, pretty inconsiderate cycling?

I know this is not an unusual situation and I wonder what others feel about it? Should cyclists stop at red lights along with the other road traffic?

What do you think?