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NetJets 2nd Qtr Earnings

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OPECJet said:
I think it's time to stop bothering with NJA threads and the NJASAP board. Not much there save for the two folks you're talking about since we've been segregated from the active pilots.

I'm pretty much done with all of it. I'd put it in the rear view, but there's nothing in the windshield either.
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You're probably right. What an utter disappointment the whole thing turned out to be. Moving on now.....
 
jtf said:
Who knows how many extra we really have? Management has told us we were over 100 airframes fat, and yet they have only sold off 2 or 3 of these airframes in all of 2010. I know the market isn't there for used airframes, but I would think we would have been able to ditch some more if we were really trying to get rid of them. The things we have been told by management have changed so much over the last year that I just have no idea any more what is real. I don't believe Sokol will recall anybody while he is the CEO unless they get stuck and have to sell off too many days and are contractually forced to do it, but as far as what airframes are for sale and what are supposedly parked, I have no clue and wouldn't be surprised by almost any number I heard now.
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Sokol announced Monday that he is leaving at years end.

As far as aircraft orders go... There's a two fold issue there.

1) NetJets must continue to dispose of excess planes.

2) An order for aircraft will be placed at a time management believes the arrival of new jets will not contribute to overcapacity of frames.
 
FLYLOW22 said:
Sokol announced Monday that he is leaving at years end.

As far as aircraft orders go... There's a two fold issue there.

1) NetJets must continue to dispose of excess planes.

2) An order for aircraft will be placed at a time management believes the arrival of new jets will not contribute to overcapacity of frames.
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What is the source for this? You're not talking about that Fortune article, are you? I'd hardly call that a retirement announcement.
 
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He's not retiring. He's going back to Mid-American Energy or the next Bershire rescue project that Warren needs. Sokol righted the ship, restructured the business, and feels ready to hand it off to a leader that will not be pulled in so many directions at once. My guess? Think the initials B N.
 
gutshotdraw said:
He's not retiring. He's going back to Mid-American Energy or the next Bershire rescue project that Warren needs. Sokol righted the ship, restructured the business, and feels ready to hand it off to a leader that will not be pulled in so many directions at once. My guess? Think the initials B N.
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http://www.billnye.com/

Well, I suppose he couldn't do any worse. He does know quite a bit about science stuff, so...........
 
gutshotdraw said:
He's not retiring. He's going back to Mid-American Energy or the next Bershire rescue project that Warren needs. Sokol righted the ship, restructured the business, and feels ready to hand it off to a leader that will not be pulled in so many directions at once. My guess? Think the initials B N.
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I'll cross my fingers for that. Sounds like (from the I guys) this is something we want.
 
Thanks for the link. Even though this is not a popular take of Sokol, I'm gonna say it anyway. I LIKE THE GUY! I know he was the axe-man at Netjets (and I AM one of the 495), but I think he did what needed to be done. Don't think he is a total genius for what he did, because I do think the ship would have been partially righted on its own, and that most of our loss was aircraft buy-backs for writedowns, but he did cut out alot of the FAT.
 
gret said:
Thank you!

Very informative-
Bought back 53 a/c.
New CEO by y/e or 1st qtr.
Marquis down 60%
​
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Ha. Yes... in that you can see:

1) Standing by contract commitments with Berkshire money.
2) Mission accomplished for "Mr. Fix it."
3) Something else materializing that isn't for me to comment on yet.

You forgot to mention:

1) 70% market share. That's a big number chief.
2) Several haters who were ushered off the property who can't help but take shots to feel better about their own failures.
3) Stabilized numbers showing positive trends tied to the GDP.
 
"3) Something else materializing that isn't for me to comment on yet."

You mean the future of the card marketing operation?..heard about that.
 
So will Sokol have any official position or power after he replaces himself as CEO? If I remember correctly, he has stayed on as Chairman of the Board at several other companies he has righted and has therefore been able to continue pulling quite a few strings. I don't think there is a board of directors for NetJets so I don't know how he will keep his hands on the strings. My guess is the CEO will be whoever he thinks will follow his philosophy the most closely.
 
Never seen a corporation without a board, even with only one shareholder.

One would think that DS will be Chairman as the next CEO of NetJets probably won't be reporting to WB.
 
pilot125 said:
Thanks for the link. Even though this is not a popular take of Sokol, I'm gonna say it anyway. I LIKE THE GUY! I know he was the axe-man at Netjets (and I AM one of the 495), but I think he did what needed to be done. Don't think he is a total genius for what he did, because I do think the ship would have been partially righted on its own, and that most of our loss was aircraft buy-backs for writedowns, but he did cut out alot of the FAT.
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Nothing personal, but where'd you find the Kool Aid?
 
jtf said:
So will Sokol have any official position or power after he replaces himself as CEO? If I remember correctly, he has stayed on as Chairman of the Board at several other companies he has righted and has therefore been able to continue pulling quite a few strings. I don't think there is a board of directors for NetJets so I don't know how he will keep his hands on the strings. My guess is the CEO will be whoever he thinks will follow his philosophy the most closely.
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BOD = Berkshire.
 
FLYLOW22 said:
Ha. Yes... in that you can see:

1) Standing by contract commitments with Berkshire money.
2) Mission accomplished for "Mr. Fix it."
3) Something else materializing that isn't for me to comment on yet.

You forgot to mention:

1) 70% market share. That's a big number chief.
2) Several haters who were ushered off the property who can't help but take shots to feel better about their own failures.
3) Stabilized numbers showing positive trends tied to the GDP.
Click to expand...

Not such great news there. The GDP is shrinking again.
 
I wish I flew with the company DS speaks of in this interview and in the quarterly reports to owners. Quite frankly -- this interview pisses me off. Years ago, I knew and was very confident that WB and his family and others at BH flew just like me - same a/c, same catering, same service, same delays. We were treated equally. I know for sure they do not deal with what I deal with. Yes we just have a "measley 125 hours". Like sevreal have you said (other than very safe pilots). I have made my feeling known to NJ and new management -- yes. Have I had any response -- NO!!!

PS -- do not buy into the fact that NJ stood behind its repurchase obligations. If you saw the prices they paid you would laugh for a real long time. But if you are an owner and do not want to litigate against NJ and BH you do not have much choice than to accept the number. Plus you still need to pay the monthly management fee during the process unless you ultimately prevail. If you think your share is worth $1MM and NJ says $600k and you need to fork over $200k per year during the term of the litigation (assuming you don't fly -- approx. 2x if you do), you are not inclined to fight. And they know that.
 
This is really sad as you have been a pretty good pro-NetJet client in the past.

In times of mgmt turnover, it is usually the customer who suffers and it only take 5 minutes to burn many months of hard work in building a solid relationship.

One does have to question the remarkable numbers they are turning in such a short time and with really no improvement in the overall aviaiton industry. I'm not saying they aren't real, but I simply don't know how things could get this much better in such a short amount of time. It had to come out of somebody's hide.
 
FLYLOW22 said:
Flight info alert!

I've been nothing but busy. The Owners have been happy.

Sorry... No drama here.

What goes on in sales/accounting/ etc.... Who can say.
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NJAOwner brought out some points I'm sure none of us are happy to hear. I'm sure you're giving 120% to the owners you fly, as are most crews. The question is whether the remainder of the company is doing so as well. The pilots alone can't shoulder the entire responsibility of owner satisfaction, just the time they spend with us (or you).
 
I believe that the pilots are giving 120%. I believe that most other departments are giving 120%. But I know in the past year several heads are no longer on my OS team and my OS team has become responsible for significantly more owners in the name of efficiency. So what happens when I put in a flight request -- they get many other calls -- and it takes 2 or 3 revisions to get it right and the turn around time may be hours. Earlier today I called twice about an upcoming flight and waited 2 minutes on hold each time listening to the recording about how valued I am and to wait for the next available representative. That is now common. Until recently I think the last time I was on hold like that was the Blizzard of Feb 2003 (or was it 2004) when they were in full scramble mode (and we understood that). Wait times like that may be acceptable for cusotmer service at Geico but not at NJ. But then again, if waiting 15 minutes save me 15% on my NJ fees I may think about staying on hold.
 
OPECJet said:
NJAOwner brought out some points I'm sure none of us are happy to hear. I'm sure you're giving 120% to the owners you fly, as are most crews. The question is whether the remainder of the company is doing so as well. The pilots alone can't shoulder the entire responsibility of owner satisfaction, just the time they spend with us (or you).
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I think you are on to something here.
 
Still have to beg to differ here though...

Pilots are usually the first to hear about Owner frustrations as they see us more than any other employee of NetJets. Owners expect us to provide feedback to the company, and we do.

I've flown some pretty happy Owners for some time now. I think most don't really care about the changes to the company. Little wrinkles like 2 minute holds will work themselves out over time with feedback.

In fact, the last time I flew Owners on a consistent basis that were not happy was back in 2004. Most of the managers who knew why that was are gone now.

I would hope that any Owner not feeling that their NetJets experience was up to par would voice their concerns. We all encourage it. The Owners are why we are here. Period.

Again, I just don't see unhappy people in the back. They are thrilled that they own, they are thrilled they are not on an airline, they are thrilled to be on a QS tail.

I know that's not the response some were looking for but it's my observation.
 
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