16 Sep 2013 07:00
Flybe Group plc
("Flybe" or "the Group" or "the Company")
Update on Strategic Review
In its last Interim Management Statement, issued on 8 August 2013, Flybe confirmed that Saad Hammad, its new Chief Executive Officer, had commenced a full review of the Group's operations and would report in due course on the future strategic development and direction of the business.
Whilst the review is on-going, it is already apparent that the future direction of the business will be best advanced through a unified and lower cost operational approach. Consequently, the current divisional structure, comprising Flybe UK and Flybe Outsourcing Solutions, will be disbanded and all operations integrated into a single operating unit.
As a result of this re-organisation, Andrew Strong, Managing Director of Flybe UK, Mike Rutter, Managing Director of Flybe Outsourcing Solutions and Mark Chown, Director of Corporate Strategy, left their positions with Flybe on 13 September 2013. The Board wishes Andrew, Mike and Mark well for the future and also thanks them for their significant contributions at Flybe.
As previously announced, Paul Simmons will join Flybe as Chief Commercial Officer with effect from 28 October 2013. Flybe is also pleased to confirm that with immediate effect Matt Bennett currently Director of Internal Audit and Risk will, in addition to his current duties, act as Director of Special Projects, while John Palmer currently Director of Aircraft Maintenance will become (Interim) Director of Operations whilst a search is conducted for this role. Paul, Matt and John will report to Mr Hammad and act as members of the Operating Board.
Saad Hammad commented:
"It has quickly become clear to me that Flybe's prospects will be significantly enhanced by disbanding the existing divisional structure and integrating all operations into a single, simpler and lower cost operating unit. Today's announcement facilitates that move and will form an important part of the strategic review of the business which I expect to conclude in November. I look forward to sharing its full conclusions."
Ends
16 September 2013
Enquiries:
Flybe Tel: +44 20 7457 2020
Saad Hammad, Chief Executive Officer
Niall Duffy, Director of Communications
College Hill Tel: +44 20 7457 2020
Mark Garraway
Helen Tarbet