““When I made the film The Invention of Lying, they gave me a private jet for getting back and forth between New York and London. I thought, ‘I will never use it’ but I ended up using it every weekend. You turn up, right, and the airport is completely empty. I mean, there’s just someone at the desk and then the pilot, who says, ‘Are you ready to go?’ and you say, ‘Don’t you want to see my passport?’ and he goes, ‘Oh yeah, I suppose I’d better.’” ”
Industry Pioneer Richard Santulli Resigns
Richard Santulli resigned as chairman and CEO of NetJets, which has been owned by Warren Buffett's Berkshire Hathaway since 1998. [See related stories on pages 4 and 50.--Ed.] Santulli founded the firm, which introduced the fractional-ownership concept, in 1986. He will remain with the company as a consultant for at least a year.
Some sources suggest that NetJets' financial troubles might have led to Santulli's resignation. Just three days after his announcement, the company reported that revenues in the first half of this year were $1.024 billion lower than in the first half of 2008--a 42-percent drop. According to Berkshire Hathaway, the decline reflected an 81-percent reduction in aircraft sales and a 22-percent cut in flight-operations revenues.
David Sokol, who had been chairman at Berkshire-owned MidAmerican Energy Holdings, is now chairman and interim CEO of NetJets and has announced a new management structure. In addition, the company has confirmed that it is moving its headquarters from Woodbridge, N.J., to Columbus, Ohio.