Tearful: XL's chief executive Phil Wyatt speaking today

He became known to some of his rivals as Public Enemy Number One.

So they might have excused themselves a smile as they watched the very public - and tearful - downfall of Phil Wyatt.

The 45-year-old chief executive of XL, who lives in a £2million mansion, gained notoriety in the airline industry during a colourful and controversial career lasting almost 30 years.

The married father of two was born into the aviation world as the son of Harry Wyatt, who set up the Monarch airline in the 1960s.

Leaving school at 16, he joined the family firm as a junior operations clerk.

He quickly rose through the ranks, but after a decade left to earn his fortune elsewhere.

It was as commercial director of the charter airline Goldcrest Aviation - where he worked from 1991 to 2000 - that he made his money and reputation, not to mention several enemies in the industry who gave him his unflattering nickname.

His crime, it was said, was to bring in foreign airlines to service the UK travel industry during the peak summer months.

More established charter carriers hated the cut-price competition and also questioned the safety of planes from countries such as Slovenia and parts of the former Yugoslavia.

But the move saw Goldcrest growing quickly - selling 300,000 seats in its first year of operations in 1991 rising to almost 2million by 1996.

Although the firm was often criticised for delays and poor customer service, its financial success encouraged Mr Wyatt to try to copy it after he finally joined XL in 2000.

In 2002, after the business was floated, Mr Wyatt's 10 per cent stake was boosted from £5.8million to £18.5million, and he was thought to be commanding a basic salary of more than £240,000 a year.

It enabled the father of two teenage girls to enjoy a millionaire lifestyle in his mansion in a Sussex village.

Privacy and luxury: Wyatt's £2million Sussex mansion is protected by huge security gates

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The sprawling £2million property was bought by Mr Wyatt and his wife Jacqueline in 1996. It can be reached only by a 400-yard roadway and its privacy is protected by huge black gates.

There is an annexe bigger than most people's main homes next to the swimming pool in the rear of the property.

Planning permission for the 'replacement pool house' was granted by the parish council two years ago.

To the front of the mansion there are beautifully manicured ornamental grounds while another large area is kept as a vegetable garden. On the other side of the house are Japanese water gardens.

Permission to erect new gates and fencing for the property was granted by the council in June this year.

Mr Wyatt might wish to retreat behind these barriers over the coming days as he reflects on his spectacular rise and fall.