NetJets

For the first commercially available web accelerator, see NetJet.

NetJets

IATA 1I ICAO EJA Callsign EXECJET
Founded	1986
Fleet size	340+
Destinations	Point to point
Parent company	Berkshire Hathaway
Headquarters	Columbus, Ohio
Key people	Jordan Hansell, CEO and Chairman Kenny Dichter, Vice Chairman Bruce Sundlun, Founder Paul Tibbets, Founder Richard Santulli, Founder
Website	netjets.com

NetJets, a subsidiary of Berkshire Hathaway, offers fractional ownership and rental of private business jets.^[1]

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.^[2][3] EJA initially began operations in 1964 with a fleet of ten Learjet 23 aircraft.^[4] Bruce Sundlun became EJA president in 1970, and Paul Tibbetts became president in 1976. ^[5] By the 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.^[4]

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]

On March 30, 2011, Sokol resigned unexpectedly and was replaced with then-President Jordan Hansell.

Services

NetJets sells fraction 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 — 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 five-year commitment of fractional ownership. All costs would be paid upfront and are sold in 25-hour increments.

Fleet

NetJets' fleet comprises approximately 340 business jets. Jets in their fleet are classified by cabin size:

Light Cabin Cessna Citation Bravo 62[8] - Cessna Citation Ultra/Encore 21[8] - Hawker 400/400XP 89[8] - Cessna Citation XLS/Excel

Midsized Cabin 2[8] - Hawker 750 33[8] - Hawker 800/800XP 5[8] - Hawker 900XP 13[8] - Cessna Citation Sovereign 58[8] - Cessna Citation X Hawker 4000 27[8] - Gulfstream G200

Large Cabin 30[8] - Dassault Falcon 2000/2000EX Dassault Falcon 7X Gulfstream IV/450 Gulfstream V Gulfstream G550

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 Hartford, 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 Riyadh, Saudi Arabia.

References

1. ^ Hermann Simon mentioned this company in his correspondent Book as an example of a "Hidden Champion" (Simon, Hermann: Hidden Champions of the 21st Century : Success Strategies of unknown World Market Leaders. London: Springer, 2009.- ISBN 978-0-387-98147-5. P. 13)
2. ^ 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.
3. ^ "Homage to Dick Lassiter". International Air Bahama Crew Association. http://www.iabcrew.com/dicklassiter.html. Retrieved 10 July 2009. 
4. ^ ^{a b} "Netjets History". http://www.netjets.com/about_netjets/timeline.asp. Retrieved 5-June-2009. 
5. ^ "Paul Tibbets: A Rendezvous with History by Di Freeze". Airport Journals. http://www.airportjournals.com/Display.cfm?varID=0306003. 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. ^ ^{a b c d e f g h i j} "Name Inquiry Results". FAA. http://registry.faa.gov/aircraftinquiry/Name_Results.aspx?Nametxt=NETJETS&sort_option=1&PageNo=1. Retrieved 2010-05-12. 

External links

• NetJets website
• The NetJets Set - Article on Baseline