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NetJets

 
Hoover's Profile: NetJets Inc.
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Contact Information
NetJets Inc.
581 Main St.
Woodbridge, NJ 07095
NJ Tel. 732-326-3700
Toll Free 877-356-5823
Fax 732-326-3737

Type: Subsidiary
On the web: http://www.netjets.com

The leading fractional aircraft ownership company, NetJets operates about 870 planes co-owned by its clients, who are guaranteed a specified model of aircraft within a few hours' notice. NetJets offers its services in the US, Europe, and the Middle East. Along with flying the aircraft, NetJets arranges a variety of travel-related services, from catering to emergency medical treatment. In addition to the fractional-ownership fleet, NetJets manages about 170 planes on behalf of individual owners. Billionaire investor Warren Buffett's Berkshire Hathaway owns NetJets, which was founded in 1964 as a charter company, Executive Jet, and later introduced the concept of fractional ownership of aircraft.

Officers:
Chairman and Interim CEO: David L. Sokol
CFO: Peter S. (Pete) Richards
EVP and CIO: Alan Cullop

Competitors:
Bombardier Flexjet
Flight Options
Jet Aviation

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Wikipedia: NetJets
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Home > Library > Miscellaneous > Wikipedia
For the first commercially available web accelerator, see NetJet.
NetJets
Netjestd.png
IATA
1I		 ICAO
EJA		 Callsign
EXECJET
Founded 1986
Fleet size 800
Destinations Point to point
Parent company Berkshire Hathaway
Headquarters Columbus, Ohio
Key people Bruce Sundlun, Paul Tibbetts, Richard Santulli, Warren Buffett, David L. Sokol
Website http://www.netjets.com

NetJets, a subsidiary of Berkshire Hathaway, offers fractional ownership and rental of private business jets.

Contents

History

NetJets Inc. formerly Executive Jet Aviation, was founded in 1964 as one of the first private business jet charter and aircraft management companies. The founding members of the board of directors of Executive Jet Aviation Corporation (EJA), included Air Force generals Curtis E. LeMay, and Paul Tibbetts, Washington lawyer and former military pilot Bruce Sundlun, and entertainers James Stewart and Arthur Godfrey among others, with retired Air Force Brigadier General Olbert F. ("Dick") Lassiter as president and chairman of the board.[1][2] EJA initially began operations in 1964 with a fleet of ten Learjet 23 aircraft.[3] Bruce Sundlun became EJA president in 1970, and Paul Tibbetts became president in 1976. [4] By the the end late 1970s, EJA was doing business with approximately 250 contract flying customers and logging more than three million miles per year.

Executive Jet Aviation Corporation was purchased in 1984 by former Goldman Sachs executive Richard Santulli and he became chairman and CEO of the corporation. In 1986 the NetJets program was created by Santulli as the first fractional aircraft ownership program. In 1998, after being a NetJets customer for three years, Warren Buffett, Chairman & CEO of the Berkshire Hathaway company, acquired NetJets Inc.[5]

In early August of 2009 Santulli resigned as CEO and was replaced by David Sokol. [6] NetJets Inc. has moved its corporate headquarters from New Jersey back to its original home in Columbus, Ohio, following the departure of the company's founder, Richard Santulli. [7]

Services

NetJets sells fractions of specific aircraft, chosen from several available types at the time of purchase. When purchasing a fraction of an aircraft, the purchaser is considered an "owner." Being an owner offers customers the convenience, access, and time advantages of flying point to point in private jets. This also allows the owner access to more, often smaller, airports; possibly shortening travel to both arrival and departure point. Arrival and departure points along with departure time are chosen by the customer for each individual trip. Costs are higher than flying commercial carriers but lower than purchasing, staffing and maintenance of a similar private jet.

  • Fractional ownership — the price is pro-rated from the market price of a full aircraft. Owners then have guaranteed access (50-400 hours annually, depending on share size) to that aircraft with as little as four hours’ notice. If the owner's aircraft is unavailable for some reason, another aircraft of the same type, or a larger aircraft, will be provided. Fractional owners pay a monthly maintenance fee and an “occupied” hourly operating fee. The latter is charged only when an owner or guest is on board, not when the aircraft is flying to a pick up point, or flying to another location after completing a flight.
  • Marquis Jet Card — Marquis Jet is a separate company that exclusively offers NetJets aircraft under their "Marquis Card." This plan is aimed for people who need fewer than the minimum of 50 flight hours with fractional ownership plans and do not want the usual 5 year commitment of fractional ownership. All costs would be paid upfront and are sold in 25 hour increments.

Fleet

NetJets' fleet comprises approximately 800 business jets. Jets in their fleet are classified by cabin size:

link title

NetJets companies

NetJets International Gulfstream IV-SP N477QS. The larger Netjets aircraft all wear this paint scheme, and those based in the US have the letters "QS" as part of their registrations
Executive Jet Management
Manages on-demand air charter services, charter aircraft management, and aircraft management services. Based in Cincinnati, Ohio, United States.
NetJets Aviation, Inc.
Operates majority of the NetJets Fleet. Based in Columbus, Ohio, USA.
NetJets International
Operates Gulfstream GIV/G450 and Gulfstream GV/G550 in the NetJets Fleet. Based in Windsor Locks, CT and Hilton Head, SC.
NetJets Large Aircraft Company
Operates Boeing Business Jets in the NetJets Fleet.

Affiliated companies

NetJets Europe is a separate subsidiary of Berkshire Hathaway. NetJets Middle East is a provider for flights in the Middle East based in Jeddah, Saudi Arabia.


References

  1. ^ p. 58 in: U.S. Congress, House Committee on Banking and Currency. (1972). The Penn Central Failure and the Role of Financial Institutions. U.S. Government Printing Office, Washington, D.C. 336pp.
  2. ^ "Homage to Dick Lassiter". International Air Bahama Crew Association. http://www.iabcrew.com/dicklassiter.html. Retrieved 10 July 2009. 
  3. ^ "Netjets History". http://www.netjets.com/about_netjets/timeline.asp. Retrieved 5-June-2009. 
  4. ^ "Paul Tibbets: A Rendezvous with History by Di Freeze". Airport Journals. http://www.airportjournals.com/Display.cfm?varID=0306003. Retrieved 5-June-2009. 
  5. ^ "Netjets History". http://www.netjets.com/about_netjets/timeline.asp. Retrieved 5-June-2009. 
  6. ^ "Cuts at NetJets delay expansion plans in Ohio". http://www.springfieldnewssun.com/news/ohio-news/cuts-at-netjets-delay-expansion-plans-in-ohio-295975.html. Retrieved 3-October-2009. 
  7. ^ "Netjets History". http://globalbb.onesource.com.ezproxy.library.wisc.edu/sharedscripts/text/getarticle.asp?id=AMX_MCTREGNEWS_36067903. Retrieved 3-November-2009. 
  8. ^ http://registry.faa.gov/aircraftinquiry/Name_Results.aspx?Nametxt=NETJETS&sort_option=1&PageNo=1
  9. ^ http://registry.faa.gov/aircraftinquiry/Name_Results.aspx?Nametxt=NETJETS&sort_option=1&PageNo=1
  10. ^ http://registry.faa.gov/aircraftinquiry/Name_Results.aspx?Nametxt=NETJETS&sort_option=1&PageNo=1
  11. ^ http://registry.faa.gov/aircraftinquiry/Name_Results.aspx?Nametxt=NETJETS&sort_option=1&PageNo=1
  12. ^ http://registry.faa.gov/aircraftinquiry/Name_Results.aspx?Nametxt=NETJETS&sort_option=1&PageNo=1
  13. ^ http://registry.faa.gov/aircraftinquiry/Name_Results.aspx?Nametxt=NETJETS&sort_option=1&PageNo=1
  14. ^ http://registry.faa.gov/aircraftinquiry/Name_Results.aspx?Nametxt=NETJETS&sort_option=1&PageNo=1
  15. ^ http://registry.faa.gov/aircraftinquiry/Name_Results.aspx?Nametxt=NETJETS&sort_option=1&PageNo=1

External links


v • d • e
Berkshire Hathaway
Board of directors
Warren Buffett • Charlie Munger • Howard Graham Buffett • Susan Decker • Bill Gates • David Gottesman • Charlotte Guyman • Donald Keough • Thomas S. Murphy • Ronald Olson • Walter Scott, Jr.
Insurance
Applied Underwriters Inc. • Berkshire Hathaway Assurance • Central States Indemnity Company • GEICO • General Re • Kansas Bankers Surety Company • Medical Protective • National Indemnity Company • United States Liability Insurance Group  • Wesco Financial • Swiss Re
Materials and Construction
Acme Brick • Benjamin Moore & Co. • Clayton Homes • ISCAR Metalworking • Johns-Manville • MiTek • Precision Steel Warehouse, Inc. • Shaw Industries
Furniture
CORT Business Services • Jordan's Furniture • Larson-Juhl • Nebraska Furniture Mart • RC Willey Home Furnishings • Star Furniture
Apparel
Fruit of the Loom • Russell • Garanimals • Fechheimer Brothers • Acme Boots • H.H. Brown Shoe Group • Justin Brands
Transportation
Food
Other
Annual Meetings
May 1, 2010 and April 30, 2011
Annual Revenue: ▲$118.249 billion USD · Employees: 233,000 · Stock Symbol: NYSE: BRKA, NYSE: BRKB · Web site: www.berkshirehathaway.com

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Learn More
Executive Jet, Inc.
Berkshire Hathaway Inc
Richard Santulli

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