Monarch has announced its deputy chief financial officer Chris Bennett will be promoted following the decision of chief financial officer Barry Nightingale to leave the business.

The switch will take place at the end of this month.

Nightingale has been with the airline and operator for just over a year having been appointed in December 2014 having worked for online gaming firm Betfred.

Monarch Group chief executive Andrew Swaffield said: “Over the last year, Barry has led his team to ensure that the business turned a corner financially, making considerable contributions to our financial strategy and ensuring that long-term aims are achieved.

“I would like to take this opportunity to wish him the very best for the future and thank him for his contribution to the business.”

“I am delighted that Chris Bennett will be our new chief financial officer. Chris is working closely with Barry to ensure a smooth transition and I look forward to the benefit of his strong financial guidance and leadership over the coming months.”

Nightingale said: “It is with a fond farewell that I leave the Monarch Group. Having helped to move the business through a very challenging 12 months and implement a new financial strategic plan, it is now time for me move on and pursue new challenges.

“I’m very confident that Monarch can look forward to a successful future, delivering a quality, punctual, cost-efficient service to its growing customer base.”

Bennett added: “I am delighted to have been appointed as the chief financial officer and look forward to delivering the financial strategy that Barry Nightingale and I have worked on meticulously over the past 12 months.

“Monarch has turned a corner and I am looking forward to being part of the exciting story that is unfolding across the business with a refreshed cost-efficient focus on our customers.”