Entrepreneur Dies in CitationJet Crash

Business Jet Traveler » April 2008
Tuesday, April 1, 2008 - 5:00am

The Cessna 525 CitationJet that crashed in West Gardiner, Maine, on February 1 was owned and flown by Silicon Valley entrepreneur Jeanette Symons, an instrument-rated private pilot. The crash killed Symons and her 10-year-old son. According to the National Transportation Safety Board, the weather turned from light snow to freezing rain before the flight of the CitationJet, which reportedly was not de-iced. The NTSB said Symons did not turn on the pilot-controlled taxiway and runway lights, and the airplane reportedly went through an ice and snow-covered ditch while taxiing. Two minutes after takeoff, Symons declared an emergency and said, "We've got an attitude indicator failure." Radar contact was lost shortly after this transmission, and the wreckage was found six miles from Augusta State Airport.

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““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”

-David Yermack