Companies interviewed for this year’s fractional and charter market special report indicate that business is decent, although nowhere near the pre-recession pace of 2005 and 2006. The fractional-share business, at one time assumed by many to be dying or at least permanently flat, is growing, but still at a slow rate.
Milestone Aviation Group (Booth No 7010), a helicopter financing company, made a splash at Heli-Expo this year, announcing a $480 million deal with Eurocopter (Booth No. 1917) for 16 EC225s, a contract with Sikorsky Aircraft (Booth No. 6148) for three S-92s (terms not disclosed), and a $125-135 million leasing agreement with major operator Bristow Group for five large helicopters.
NetJets lost some of its creative energy in July when Marquis Jet founder and former CEO Kenny Dichter resigned as vice chairman of the company.
The European Business Aviation Association (EBAA) has appointed an airline lobbyist as its new leader. Fabio Gamba, most recently deputy secretary general of the Association of European Airlines (AEA), will join the business aviation association as CEO on September 1. EBAA’s current president and CEO, Brian Humphries, will remain as president.
Brian Humphries, president and CEO of the European Business Aviation Association (EBAA), joined the advisory board of aircraft leasing group Milestone Aviation. Humphries, who was previously CEO of the Shell Aircraft flight department and an Air Commodore in Britain’s Royal Air Force, also serves as chairman of the British Helicopter Association.
Berkshire Hathaway’s audit committee claims that former NetJets chairman and CEO David Sokol violated “the highest standards of business ethics” maintained by NetJets parent Berkshire Hathaway in his trading of shares in Lubrizol. Sokol resigned from Berkshire Hathaway on March 28.
On March 28, David Sokol resigned from his job as chairman of several Berkshire Hathaway-owned companies, including fractional-share provider NetJets. NetJets president Jordan Hansell took over as chairman and CEO.
Revenues at Berkshire Hathaway’s “other services” segment–which includes fractional jet provider NetJets and flight-training company FlightSafety International–climbed by $770 million (up 12 percent year-over-year), to $7.4 billion, according to the company’s 2010 financial results. Pre-tax profits at the division soared to $984 million, versus a $91 million loss in 2009.
David Sokol has resigned from his job as chairman of several Berkshire Hathaway-owned companies, including fractional-share provider NetJets. According to a statement issued late this afternoon by Berkshire Hathaway’s Warren Buffett, Sokol’s assistant submitted the resignation letter to Buffett late in the day on Monday, March 28.
Sikorsky Aircraft and Milestone Aviation Group of Dublin, Ireland, announced jointly yesterday Milestone’s order for five Sikorsky S-76C++ helicopters, for delivery to Milestone in the second half of this year. Milestone (Booth No. 4042) plans to offer the new helicopters for lease to helicopter operators anywhere in the world.