Entries for the Tag:Charter A Private Jet
Richard Santulli Resigns from NetJets
Richard Santulli, chairman and CEO of NetJets Inc., announced late last week that he is stepping down from the private jet company controlled by investor Warren Buffett.
Richard Santulli, chairman and CEO of NetJets Inc., announced late last week that he is stepping down from the private jet company controlled by investor Warren Buffett. “After 25 yeas of working with the most talented group of people I could ever have imagined, who helped build the premier aviation company in the world, I have decided to step down as chairman and CEO of NetJets immediately, in order to spend some more time with my young family and pursue other interests,” Santulli said in a statement.
NetJets had become popular with Wall Street and corporate executives as well as athletes such as tennis star Roger Federer, who has been a spokesman for the company. The company had posted growing revenue for many years, until recently, but often struggled to turn a profit. Berkshire said revenues from flight operations at NetJets had increased by 596% since its purchase, although “profits had been erratic.“The company’s business was hit hard by the recent recession. In its 2008 annual report, Berkshire said NetJets “experienced significant reduction in revenue as general economic conditions worsened.”
Buffett said he had accepted Santulli’s resignation “with reluctance.” He named David Sokol, a close associate considered a possible successor to Buffett at Omaha-based Berkshire Hathaway, as an interim replacement for Santulli. Santulli will stay on as a consultant for at least 12 months to assist in the transition, he said.
but tastefully appointed with leather seating, overhead lighting and air controls, and good sized windows, which gave the jet a larger feel. With the two forward seats absent, I had all the legroom I could want. The all-glass cockpit was really something to see especially in the dark of night. Quite complex, yet thoughtfully laid out. After a brief taxi-out at BED past much larger aircraft, we were cleared for departure. With just the three of us, the jet quite literally leaped into the sky within what seemed like a very short runway length. In fact this jet regularly operates from KLOM, Wings Field, in Philadelphia which is just 3700’ long. We were vectored out west away from the city to join the trail of aircraft heading to BOS. After about 10 minutes we were flying back east, in line, and making the approach past the Boston skyline. Ambient noise from the jet engines was a bit loud, but certainly not uncomfortable. For a small jet, it had surprising stability during the decent through swirling winds and a 10 knot crosswind. The approach and landing was quite smooth, with good visibility for the passengers through the front windscreen until touchdown.