The announcement of Hammad’s departure after three years saw the airline’s share price dip more than 7% to around 37p.

The airline floated on the Stock Exchange in 2010 with shares priced at £2.95. Hammad was credited with turning around the fortunes of the carrier, which lost £25.4 million in 2014/15 but recovered to a £5.5 million profit last year.

Simon Laffin, non-executive chairman, has assumed the role of executive chairman until a new chief executive is appointed. The airline said it “recognises the substantial contribution Saad Hammad has made and both the board and Saad believe it is time for a new chief executive officer to lead the next phase of Flybe’s long-term development”.

Laffin commented: "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.

“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 said: "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. I would like to thank all company employees for their hard work, passion and commitment and wish them all the best."