Mr Hammad said he was "very proud" of being behind a "major turnaround in Flybe"
Flybe chief executive Saad Hammad has stepped down unexpectedly after three years in the role.
The Exeter firm said he had left "with immediate effect" and it was "time for a new CEO to lead the next phase of Flybe's long-term development".
He will be on gardening leave on his salary of £433,500 until October next year, the firm said.
The news led to a fall of about 3% in the Flybe share price, which has since recovered some of that loss.
He joined the airline in August 2013, but the firm has struggled financially, booking a £35.6 million loss last year before swinging back into a £2.7 million profit in 2016.
Mr Hammad said he was "very proud" of being behind a "major turnaround in Flybe".
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