5 AUGUST 2013
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Saad Hammad, has arrived as Chief Executive of loss-making Flybe, listed on the London Stock Exchange (See BTN 8 July) . He takes over from Jim French, now Non-Executive Chairman. Mr French joined the then Jersey European Airways in 1990, the company floating as Flybe in December 2010 at 295p. On Mr Hammad’s arrival, 1 August, they stood at 60p.
Mr Hammad joins an airline which recently announced a major break-up of its route structure by abandoning Gatwick. A wholesale decimation of both staff and aircraft is expected from that disposal. Whether he recruits at senior level remains to be seen.
The last accounts give little indication regarding the success or failure of its joint operation with Finnair. The airline will concentrate on its key hubs at Belfast, Birmingham, Manchester and Southampton, retaining headquarters at Exeter.
Speaking to the Financial Times Mr Hammad made it clear that the past was history. “I really needed to make sure that there would be a total division of labour and clarity of roles between me and Jim; that I effectively would have a free hand running the business and he would be a Non-Executive Chairman. He assured me he would not be a back-seat driver – that would give me a free hand to effect the transformation that Flybe needs”. www.flybe.com
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