Santulli resigns from NetJets; changes ahead at fractional | Aviation International News

Charter & Fractional

Santulli resigns from NetJets; changes ahead at fractional

In a major management shake-up at fractional provider NetJets, company founder, chairman and CEO Richard Santulli on August 4 unexpectedly resigned, effect

By Chad Trautvetter • Online Editor

August 25, 2009

In a major management shake-up at fractional provider NetJets, company founder, chairman and CEO Richard Santulli on August 4 unexpectedly resigned, effective immediately. Credited as the “father of the fractional aircraft industry,” Santulli said he plans to remain with NetJets as a consultant for at least a year.

Santulli acquired Columbus, Ohio-based Executive Jet Aviation in 1986 as a platform upon which to launch NetJets, which initially struggled but grew substantially by the mid-1990s. Berkshire Hathaway chairman and billionaire Warren Buffett, a NetJets shareowner, was so impressed with Santulli’s NetJets that he bought the firm in 1998 for $725 million and, per Buffett’s custom, kept the company management in place.

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