Is Santulli Out at NetJets?

[holden1]

Just heard a rumor that Rich Santulli is out at NetJets and some Insurance gent is taking over. Anybody hear anything?

AC

 

[UnstableAviator]

I heard through the grapevine he resigned as CEO but will stay on as a consultant for 1 year.

 

[captain007]

http://www.businesswire.com/portal/...d=news_view&newsId=20090804006453&newsLang=en

 

[HazMat]

Shocking but I guess Warren was going to sit idle and watch the losses mount. It reads like all the other CEO stepping down press releases. He will always be an icon in the fractional industry. All of the companies were born out of his great idea. We all owe him

 

[JetsRfun]

Well, maybe he put in for the early-out package to pitch-in too in this difficult time...
Just kidding, trying to actually find a way to laugh now that I can breathe again

 

[glasspilot]

Prediciton: Someone is coming to slash and burn costs in an effort to find profitability.

Then again, Berkshire Hathaway didn't get to where it is by making a bunch a knee jerk reactions. Then again, BH didn't get to where they are by losing a bunch of money either. This will be very interesting. I honestly have no idea which way the wind will blow.

Fly Safe,
GP

 

[NJAPLT]

As everyone here can image, about 1,000 theories on what is going on have come up within the NetJets pilot community today. I am still shellshocked at the announcement myself. All I can say is I am glad that I have a Strong Union to help protect me in these uncertain times.

Hopefully after the dust settles this change will work out well for the pilot group, but as everyone else in the aviation industry knows by now, hope for the best but prepare for the worst.

 

[Hogprint]

Shocking but I guess Warren was going to sit idle and watch the losses mount. It reads like all the other CEO stepping down press releases. He will always be an icon in the fractional industry. All of the companies were born out of his great idea. We all owe him

Well said Haz. We all owe a debt of gratitude.

 

[AvroJockey]

Prediciton: Someone is coming to slash and burn costs in an effort to find profitability.

I don't know how they're going to save $$$$. In order to return to profitability they need to start selling new aircraft again.

I don't know how they're going to furlough anyone...I've been flying my butt off!

It would be interesting to see how much of NJAs losses were write-downs of aircraft. Over the last quarter I can see some operational losses, but not this quarter.

Maybe I'm just trying to stay positive because I'm at the bottom of the seniority list.

 

[brokeflyer]

Santulli can't run Netjets AND Berkshire at the same time....so he had to leave netjets.

 

[AvroJockey]

OK...I read the BH 1stQ Financials.

It didn't give much insight, but I did find out that of the $96M, $55M of that was aircraft devaluation...which will go up in better times. When people say "We're loosing $1M a day" that's not really true.

I would love to get my hands on the last NJ 10-Q to see what the operating loss was, and what it is attributed to.

I think the bleeding has stopped, because I've seen a drastic change in my schedule over what it was this winter, and none of the early-out guys have left yet. I think next quarter financials will provide a better picture, unless they write down aircraft values again.

 

[G200_PILOT]

Santulli can't run Netjets AND Berkshire at the same time....so he had to leave netjets.

That thought has popped up in my head a few times as well. IF that were the case, then we'd be in pretty good shape.

 

[HazMat]

They wouldn't have had him step down as Chairmen as well if that were the case. Expecially when berkshire is releasing their earnings soon. If they were good it seems they would have waited. Could be wrong we will see very soon.

 

[G200_PILOT]

They wouldn't have had him step down as Chairmen as well if that were the case. Expecially when berkshire is releasing their earnings soon. If they were good it seems they would have waited. Could be wrong we will see very soon.

Who's they? It seems that WB didn't expect this either. Of course, I'm going off of the email that RTS sent us but it seems that this wasn't WB's idea.

 

[taxi1wire]

OK...I read the BH 1stQ Financials.

It didn't give much insight, but I did find out that of the $96M, $55M of that was aircraft devaluation...which will go up in better times. When people say "We're loosing $1M a day" that's not really true.

The $96M is real. Same as when you looked at your 401K last quarter and it made you sick.

The current aircraft value trends are even worse this quarter, Nothing is selling especially high time 5 year old aircraft. Lenders will not finance these planes. Period.

The first quarter loss from operations was $41M (96M-55m). This is also real. RTS is out for a reason. A great man an even greater vision.

Times are tough. You can expect 2nd Qtr to be as bad or worse. BH will not stand by silently and wait for the operation to return to profitability.

Berkshire has spoken!