Flybe finance chief heads for the exit to take up job at materials firm

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Flybe is looking for a new chief financial officer (Source: Getty)

The chief financial officer of budget airline Flybe has resigned to take up a new job at another company.

Philip de Klerk will remain at Flybe until 1 October 2017 before moving to an equivalent role at another firm, the airline announced.

De Klerk will take up a role at polymer materials manufacturer Low & Bonar, according to Reuters.

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Flybe said the process to appoint his successor has started.

De Klerk’s resignation comes after a turbulent month in which the airline suffered a heavy fall in its share price.

In mid-March the firm’s share price was hovering around levels seen before the EU referendum last June. However, since Monday 13 March Flybe has seen the value of its shares fall by almost 20 per cent as it warned of weak consumer demand in the UK.

Seat capacity growth dropped by 10 per cent in the final quarter of 2016 after a 12.7 per cent fall in the previous three months.

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The airline had reduced capacity and cut costs in response to the uncertain outlook, it said.

De Klerk, a former executive at drinks firm SAB Miller, joined Flybe in mid-2014. Since the start of June 2014 the firm’s share price has dropped by 72 per cent to trade at 39.75p per share before the open on Tuesday morning.

Flybe said: “The Flybe board wishes Philip well for the future and also thanks him for his major contribution over the last three years.”

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