Flybe’s CEO Saad Hammad has stepped down from his role with the regional carrier “by mutual agreement”.
Hammad, who joined Flybe three years ago, has left the airline “with immediate effect”, according to an announcement made by the Exeter-based company.
Flybe said that both its board and Hammad believed it was “time for a new CEO to lead the next phase of Flybe’s long-term development”.
Non-executive chairman Simon Laffin has taken over the role of executive chairman on a temporary basis while the airline recruits a new CEO.
Laffin said: “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.
“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.”
Hammad added: “I am very proud of what we have achieved over the last three years with a major turnaround in Flybe. Now is the right time for me to move on to a fresh challenge.”
Flybe is due to announce its half-year financial results on November 9. The company made a pre-tax profit of £2.7 million for the 2015/16 financial year, compared to a loss of £23.6 million during the previous year.