Flybe Group Share News (FLYB)

(ShareCast News) - Flybe chief executive Saad Hammad has parted company from the beleaguered regional airline with its shares trading not far from all-time lows.Chairman Simon Laffin has stepped in to an executive role as the ejector seat has been pressed for Hammed, who started at the company in August 2013, with immediate effect.Flyby said in a statement that its search has already begun for a new CEO."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," Laffin said.He added that in spite of the ongoing challenges facing the aviation industry, Flybe was "well placed" and would continue its strategy of focusing on regional routes.Along with June's annual results the company had announced an ambitious expansion of its network, including its first wholly non-British routes and 'pop-up' flights to cater for international football fans and unhappy rail passengers.Hammed, who axed several loss-making domestic routes and took a £20m hit from surplus aircraft costs, said at the time that with the airline in its final year of a three-year turnaround, it was "well positioned for profitable growth".