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August 5, 2009updated Feb 11, 2013

Netjets Flash: CEO Santulli Resigns

By Pardhasaradhi Gonuguntla

Netjets founder and private aviation icon Richard Santulli will step down from his position as Chairman and CEO of fractional ownership market leader Netjets, effective immediately. In an issued statement, Santulli indicated that he wanted to spend more time with his family and pursue other interests. He plans to remain as a consultant to the New Jersey-based firm for at least a year. Parent company Berkshire Hathaway’s Chairman Warren Buffet has appointed David Sokol, chairman of the company’s MidAmerican Energy Holdings Co., as interim CEO at NetJets.

Santulli, a former Goldman Sachs principal, formed NetJets in 1984 after first purchasing Columbus-based charter operator Executive Jet. Pioneering the concept of fractional jet ownership, Santulli essentially created a new category for private jet travel. Berkshire Hathaway acquired the firm in 1998.

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