Richard Santulli steps down at NetJets
08-04-2009, 01:43 PM
#1
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Richard Santulli steps down at NetJets
According to Reuters, Mr. Santulli is stepping down at NJ, effective inmediately....Sad day for Netjets, nobody knows the fractional business like Mr. Santulli. Don't really know what to say
BRIEF-Netjets Chairman and CEO Richard Santulli steps down
Aug 4 (Reuters) - NETJETS:
* Netjets inc. chairman and CEO, Richard T. Santulli steps down
* Netjets, a unit of Berkshire Hathaway Inc says founder Richard
Santulli to leave
* Santulli says stepping down effective immediately to spend more time with
family, pursue other interests
* Warren Buffett says accepts santulli's decision with 'reluctance'
* Buffett appoints David Sokol, the chairman of midamerican energy, as chairman
and interim CEO of netjets
BRIEF-Netjets Chairman and CEO Richard Santulli steps down
Aug 4 (Reuters) - NETJETS:
* Netjets inc. chairman and CEO, Richard T. Santulli steps down
* Netjets, a unit of Berkshire Hathaway Inc says founder Richard
Santulli to leave
* Santulli says stepping down effective immediately to spend more time with
family, pursue other interests
* Warren Buffett says accepts santulli's decision with 'reluctance'
* Buffett appoints David Sokol, the chairman of midamerican energy, as chairman
and interim CEO of netjets
08-04-2009, 04:28 PM
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Mr. Santulli is 64 years old and obviosuly wealthy, maybe he's just tired of all the shaninagans and really wants to be home with his family... but still, he is to fractional aviation what Herb Kelleher is to the low cost model...
08-04-2009, 06:13 PM
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I hope his replacement continues with what he has established. Sometimes, new managers come in wanting to make a name for themselves. They change things to leave their own legacy, and sometimes change things for the worse.
08-04-2009, 07:41 PM
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No, I don't think he got "fired",..... he will stick around for one year, "as a consultant"..
Mr. Santulli is 64 years old and obviosuly wealthy, maybe he's just tired of all the shaninagans and really wants to be home with his family... but still, he is to fractional aviation what Herb Kelleher is to the low cost model...
Mr. Santulli is 64 years old and obviosuly wealthy, maybe he's just tired of all the shaninagans and really wants to be home with his family... but still, he is to fractional aviation what Herb Kelleher is to the low cost model...
He wasn't given the opportunity to name his successor -- customary practice with other long-standing CEO's who are merely "stepping down." (including Herb Kelleher)
Instead, an Executive from an unrelated industry was appointed by Boss-man Uncle Warren himself.... despite the fact Mr. Santulli has been "grooming" several candidates over the years.
As much as I hate the thought, it sure looks like he was forced out of the CEO position to me.
08-04-2009, 11:24 PM
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Hope Mr. Sokol does not get to creative there...
08-05-2009, 04:09 AM
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I wonder if he has a non-compete contract? When the economy turns around he could start a new operation and cherry pick the best of management, pilots, and clients. Founders usually know best on how to run their company, "professional" management usually has a track record of messing things up.
08-05-2009, 06:28 AM
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the plot thickens....
Something tells me the pilot group's enthusiasm and gratitude toward Mr. Santulli for saving those jobs wasn't quite shared by certain board members and shareholders. WOW. This is what they might call a plot twist.
08-07-2009, 05:45 AM
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My thoughts exactly... Hopefully furloughs aren't near, but it would not surprise me at all.
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