NetJets Inc. Chairman and CEO, Richard T. Santulli Steps Down

WOODBRIDGE, N.J.--()--NetJets Inc. announced today that Richard T. Santulli will be leaving the company he created.

“After 25 years of working with the most talented group of people I could ever have imagined, who helped build the premiere 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,” said Richard T. Santulli, chairman and CEO of NetJets Inc.

“I will remain on with NetJets as a consultant for at least the next 12 months, in order to assist NetJets in this transition. I want to personally thank everyone at NetJets for all of their tireless energy, intelligence and support throughout all of these years. I have been fortunate to have you all as part of my extended family. I informed Mr. Buffett of this decision this morning, and his response 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.”

Mr. Buffett has appointed David Sokol as Chairman and interim Chief Executive Officer to allow for a smooth transition. David Sokol stated “NetJets is a tremendous company with an outstanding team of people who dedicated themselves to providing the finest fractional ownership experience possible. I look forward to working with this team in building upon NetJets’ legacy which Richard created.”

NetJets Inc, a Berkshire Hathaway company, is the worldwide leader in private aviation and provides the safest and most secure private aviation solutions. NetJets fractional aircraft ownership allows individuals and companies to buy a share of a private business jet at a fraction of the cost of whole aircraft ownership, and guarantees availability 365 days a year with just a few hours’ notice. The NetJets programs worldwide offer the largest and most diversified fleet in private aviation, which includes 15 of the most popular business jets in the world. Access to the NetJets fleet is also available in the form of a short-term lease, sold on a pre-paid basis in 25-hour increments, through an exclusive alliance with Marquis Jet Partners. NetJets Inc. also offers aircraft management, charter management, and on-demand charter services through its subsidiary, Executive Jet Management. More information on NetJets, the Marquis Jet Program, and Executive Jet Management is available at www.netjets.com.

The Gulfstream Large Cabin Fleet is operated by NetJets International and NJI. The BBJ is operated by NetJets Large Aircraft Company. All other aircraft offered by NetJets in the United States are operated by NetJets Aviation. Each of these operating companies is a wholly owned subsidiary of NetJets Inc. All aircraft offered by NetJets in Europe are operated by NetJets Transportes Aéreos, SA a Portuguese/EU Air Carrier. The Marquis Jet Card Program is operated by NetJets under its FAR Part 135 Air Carrier Certificate. NetJets has an affiliation with the provider of the NetJets Middle East Program.

Contacts

NetJets Inc.
Maryann Aarseth, 732-326-3735

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Contacts

NetJets Inc.
Maryann Aarseth, 732-326-3735