Flybe chief executive Saad Hammad stepping down

Regional airline Flybe has announced it has reached a "mutual agreement" to part ways with chief executive Saad Hammad after three years in the role.

It comes as the company reported a £35.6m loss in 2015, before swinging back into a £2.7m profit this year.

"I am very proud of what we have achieved over the last three years with a major turnaround in Flybe. Now (Frankfurt: 11N.F - news) is the right time for me to move on to a fresh challenge," Mr Hammad said.

The firm is actively looking to find a new CEO, but in the interim, Flybe said chairman Simon Laffin will assume the role of executive chairman until a new chief executive is appointed.

"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," said Simon Laffin.

The aviation industry is facing a challenging market, but Flybe is confident it is well placed to weather the turbulent times ahead.

"Our strategy remains focused on regional routes and to provide an excellent service to our customers," Mr Laffin said.

Flybe will announce its half-year results for the year to 30 September next month.