New CEO appointed - Jim French to stand down from 1st Aug
Flybe Group plc
("Flybe" or "the Group")
Appointment of Chief Executive Officer
The Board of Flybe is pleased to announce the appointment of Saad Hammad as Chief Executive Officer with effect from 1 August 2013. He will bring considerable airline, commercial and business transformation experience to Flybe.
As Chief Commercial Officer of easyJet plc from October 2005 to April 2009, Mr Hammad was credited as being the architect and driving force behind the airline's commercial transformation, delivering significant revenue growth and margin enhancement and creating the European network which formed the basis of building easyJet into one of Europe's most successful airlines.
Mr Hammad was also, between May 2011 and October 2012, a non-executive Director of Air Berlin plc, the second largest airline in Germany with c€4bn in revenue, where he was a member of the Finance Committee.
Mr Hammad is currently a Managing Director at the Gores Group, an operations-focused private equity firm with c.$4bn under management, where he has been responsible for leading operational due diligence efforts across Europe as well as working with portfolio company executive teams to achieve full operational potential.
Previously, Mr. Hammad held a number of leadership positions in brand management, sales and marketing and retailing at Procter & Gamble, Thorn-EMI, Vision Express and the Minit Group and was Managing Director - Europe at Tibbett & Britten, the leader in consumer product logistics where he led a major business turnaround. Between August 2007 and March 2009, Mr Hammad was a director of Optos plc.
He spent three years with the Boston Consulting Group in London where he worked with the top management of leading corporations primarily in consumer-goods and retailing on developing growth strategies and driving operational improvement programmes.
Mr. Hammad holds a BA (Hons) in Politics, Philosophy and Economics from Oxford University and an MBA from INSEAD.
Jim French, CBE currently Chairman and Chief Executive Officer of Flybe, will become non-executive Chairman, also with effect from 1 August 2013.
Mr French commented:
"We are delighted to welcome Saad to Flybe. He brings with him a wealth of industry experience as well as a track record of leadership and Board positions across a range of public and private businesses and we are very much looking forward to working with him.
"Flybe has recently updated the City on the significant progress made in its major turnaround plan which is on track to deliver over £50m in long-term cost savings and has generated over £40m in cash to fund the transition.
"The next key elements of the plan are to capitalise on its revised competitive low cost-base and Flybe's strong brand profile.
"The Board is delighted that Saad is joining Flybe and we look forward to working with him and supporting him in taking the airline forward to the next stage in its development.
Saad Hammad added:
"I am very much looking forward to the opportunity of building on what has already been achieved under Jim's stewardship and also on the firm foundations for commercial improvement which he and the Board have made so far this year.
"Flybe is making excellent progress on its turnaround plan. The business is once again 'fit to compete' and, with further opportunities to drive its competitive advantages, I look forward to leading Flybe into a new and exciting era."
Flybe confirms that there is no further information which is required to be disclosed pursuant to paragraph 9.6.13 of the UK Listing Rules.
3 July 2013