Flybe CEO flies the coop
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Saad Hammad, the CEO of regional carrier Flybe, has left the airline with immediate effect by mutual agreement with its board.
Hammad oversaw the airline’s turnaround during his three years at the helm. Flybe posted a £5.5 million profit in 2015-16 compared to a £25.4 million loss reported the year prior.
Following the announcement, the airline’s share price plummeted 14.8 percent.
Hammad was praised by the Flybe board in a statement issued by the airline.
“The Board would like to thank Saad for his energy and drive which has been a major contributor towards Flybe’s transformation over the last three years. He mapped out a clear vision for the Group and led it to a significantly stronger position. We wish him well for his next challenge,” said Simon Laffin, Flybe’s non-executive chairman, who has stepped into the breach as executive director while a new CEO is sought.
“Whilst the whole aviation industry faces a challenging market environment, Flybe remains well placed. Our strategy remains to focus on regional routes and to provide an excellent service to our customers.”
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