NetJets chairman and CEO Richard Santulli announced that long-time business aviation leader Jim Christiansen “will be assuming the position of president of NetJets Aviation,” in Columbus, Ohio. Santulli said, “With Jim's depth of experience, there is no one who knows our business better.” The position has been unfilled since Bill Boisture resigned in January 2006 after joining the fractional operator in October 2003.
Berkshire Hathaway chairman Warren Buffett, in his latest annual letter to shareholders issued Saturday, said the company’s flight services division–FlightSafety and NetJets–reported $120 million in pre-tax earnings versus $191 million in 2004. According to Buffett, “Earnings improved at FlightSafety as corporate aviation continued its rebound…[but] operating results at NetJets were a different story.
A little over two years after joining NetJets as president, Bill Boisture Jr. resigned from his position and formed W. Boisture & Associates. Immediately thereafter, he announced he would be retained as a consultant to NetJets under a long-term agreement. About five months later, he joined The Carlyle Group as senior advisor.
Fractional ownership operator NetJets has increased its flights to Le Bourget airport by 70 percent since the last Paris Air Show in 2003, the U.S.-based company announced here on Monday. NetJets figures show a jump from 1,400 movements over the five first months of 2003 to 2,400 movements over the equivalent period this year.
If Berkshire Hathaway’s first-quarter results are any indication, its NetJets subsidiary will record a profit this year, which would be a reversal from $80 million in losses incurred by the fractional aircraft provider last year.
NetJets Europe has placed a “historic” $1.1 billion order for 24 Dassault Falcon 7Xs scheduled for delivery between the first quarter of 2008 through 2014. NetJets chairman and CEO Richard Santulli said the transaction, signed in Paris this morning with Dassault Aviation chairman and CEO Charles Edelstenne, is the “largest business jet order in European history and the second largest order ever” in terms of billings.
Preparing for future growth of its U.S. and European operations–and in spite of mounting losses–fractional ownership giant NetJets has placed orders for 72 business jets valued at more than $1.6 billion.
NetJets Europe’s order for 24 Dassault Falcon 7Xs reflects a powerful declaration of intent for both companies. For Dassault, the deal–valued at $1 billion–is its largest single business jet sale ever and a vital fillip for the 7X program, which now has an order book for 116 copies of the fly-by-wire trijet.
Contract talks between NetJets management and pilots broke down once again on September 12, three days shy of a scheduled 30-day marathon bargaining session. The pilots’ union negotiation committee said it walked out of the talks “because the company has continuously failed to respond to the union’s position regarding the pilot group’s bargaining thresholds,” namely salary expectations.
A former NetJets researcher places high odds on the likelihood of the fractional pioneer operating a fleet of supersonic business jets. Michael Baur, now with air-limo start-up Pogo, told attendees at last month’s SATS demonstration in Virginia that, while at NetJets, he reported directly to chairman Richard Santulli on his research into the suitability of VLJs and SSBJs for frax ops.