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Buffett Loses Top Gun at NetJets (BRK-A)
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It is easy to forget about the NetJets Inc. company…. Partly because of the recession, and partly because even fractional ownership of private jets has been vilified by the attack on wealth today. Yet this is a Berkshire Hathaway, Inc. (NYSE: BRK-A) portfolio company, and therefore is what we have called Warren Buffett’s private airline. Today came the announcement that the NetJets chairman and CEO Richard T. Santulli has resigned from the company.
This is the company Santulli created and ultimately sold to Berkshire Hathaway. The reason listed was the feeding pigeons in the park reason… ” in order to spend some more time with my young family and pursue other interests.”
Santulli will remain on with NetJets as a consultant for at least the next 12 months to assist NetJets in a transition period. Buffett appointed David Sokol as the NetJets Chairman and interim CEO to allow for a smooth transition. Buffett’s quote is as follows:
- “It is with reluctance that I accept Richard’s decision to step down. Richard Santulli is synonymous with the fractional jet ownership industry and his vision and energy has made NetJets the leader that it is today. All of Richard’s friends at Berkshire Hathaway wish Richard well in this transition.”
NetJets Inc. is still the leader in fractional ownership of private jets. That will likely remain the case with or without its founder.
JON C. OGG
AUGUST 4, 2009
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