Is Santulli Out at NetJets?

[fischman]

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.

Sooooooo, WB called Sokol up and said, "HEY! Feel like abandoning your current position at you extremely profitable energy company going to Columbus tomorrow for at least the next 12 months to run NetJets?"

"Sure! I hate making all this money!"

Don't think so. This has been a plan for at least a couple of weeks. WB wasn't the one suprised. RTS was.

 

[gutshotdraw]

If I read the press release correctly, Mr. Sokol is the "interim" CEO of Netjets. This tells me he's here to do two major things:

1. Wear the black hat to cut costs, overstaffing, and other operational overhead to make operations at least break-even while we wait for a return of sales profitability down the line.

2. Evaluate talent within the organization to perhaps find the "permanent" CEO in-house.

Now, I'm not sure who it will be, but the bill has come due and I know there's someone in the company I would like to see get the job. I know we could do worse. If you know what I mean.





















Subliminal message alert

 

[XTW]

Good luck to all the NJ pilots out there. I hope you do not have to endure what 25% of our group is going through right now. Let's hope this ship is turning around for all of us.



X

 

[RNObased]

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

I would give you odds of a hundred to one that isn't going to happen.

 

[Pervis]

Amazing. I sincerely hope the vast majority who post here will never be a juror, lawyer, judge, or executioner. Many here play all four at once, based soley on rumor. What if he was diagnosed with cancer (God forbid) and wants to endure the hell with his family? Or his wife? Or his kids? There are boatload of reasons for him to resign that are not associated with today's economic conditions. If he feels the need to let us know, I'm sure he'll post it here first (TIC).

I doubt he was ousted due to performance in these harsh times. There are far more CEOs that deserve it than RTS, yet they just keep rolling along. His long term performance would buffer rash decisions, especially with WB in charge. WB is not known for his reactionary decisions.

 

[notaNJApilot]

RTS is 64 years old. Let the man retire and spend time with his family!

(2nd QT financials will tell the real story)

 

[jpeace02]

Whatever the reason NJA, WB, Berkshire whoever's 'running the ship' is doing a terrible job of crisis management. We need information and soon: are we going to grow out of this?, downsize, slash jobs, next gen, etc.

This has to be one of the worst passing of the torches we've seen in aviation. The founder of 'fractional jet ownership' quits Tuesday with no reason???

 

[o2bflyn]

RTS is 64 years old. Let the man retire and spend time with his family!

(2nd QT financials will tell the real story)

Exactly....if I am 64 years old with his money...I am hanging it up and playing some golf.

Good luck to RTS, and thanks for everything!

 

[glasspilot]

So you believe he just up and decided to spend more time with his family?

...effective immediately?

 

[G200_PILOT]

So you believe he just up and decided to spend more time with his family?

...effective immediately?

After a few days to think about it... NO.

 

[cjdriver]

Statistically, bad numbers and a CEO leaving are not coincidence. This is typical of a company suffering financially and making changes to improve that. It would be reasonable to expect cost cutting measures, whatever they may be. Good luck to all.

 

[Pervis]

So you believe he just up and decided to spend more time with his family?

...effective immediately?

For WB, a man who thinks things through very thoroughly, this was no doubt discussed well before we knew. WB made a replacement selection, interim or not, very quickly if that's the case. Unlikely, especially since the replacement involves another shuffle in another BH company.

This was kept close hold for some time. When we found out, big suprise. I feel better about this than I would with any other company. BH is one of the most stable in the whole world about now. Regardless of the reason for this, I will always have utmost respect for RTS, and trust in the man on top, until given a reason to change. In the mean time, I would suggest those who "know" all the answers to compare their level of success to that of RTS.

 

[RNObased]

RTS is 64 years old. Let the man retire and spend time with his family!

(2nd QT financials will tell the real story)[/QUOTE]

The timing isn't a coincidence.

 

[o2bflyn]

So you believe he just up and decided to spend more time with his family?

...effective immediately?

Who said he just up and decided one day to step-down?

Just because he decided to tell you about it on a certain day does not mean thats when he decided to do it.

How often do you contact the nation to talk about what you are planning to do?

 

[netjetwife]

Lots of discussion takes place before major decisions are made and there were probably several reasons for RTS to retire. The fact that the explanation of their choice was made at the time of their choosing doesn't seem surprising to me. I agree that WB seemed quite prepared to move forward.

NJASAP leaders who met with RTS had no concerns for his health so I don't think we need to worry about that being a possibility. Additionally, his new role as a consultant is evidence that they have made plans for a smooth transition. The rest of the management team is still in place and one of the top leaders of BRKH is stepping in for awhile. I see this as a management decision--not a crisis, Jpeace. I'm sure DS will announce his plans to NJ folks after he has had time to asses the situation firsthand and analyze what needs to be done. That leaves all of us with 3 things to do: 1) Respectfully wish RTS well in his retirement. 2) Patiently hope for the best, recognizing that a top CEO is taking over. 3) Prudently prepare for the worst--just in case.