Kenn Ricci Back at Flight Options

Business Jet Traveler » August 2008
Friday, August 1, 2008 - 5:00am

Cleveland-based fractional provider Flight Options has named Kenn Ricci chairman. Mike Silvestro, meanwhile, becomes CEO, replacing S. Michael Scheeringa. Additional management changes at the company are anticipated, according to industry sources.Ricci returns to Flight Options 10 years after founding the company and six years after selling it to Raytheon Corp. Last November, Raytheon sold the company to Miami-based H.I.G. Capital, and in April Ricci took a minority share in Flight Options, as well as a seat on its board. Silvestro, who was Flight Options' vice president of sales and marketing from 2000 to 2005, most recently held a senior position with another fractional provider. Scheeringa will remain an investor in Flight Options and an "advisor to the board," a spokesman said. In a letter to customers announcing his departure, Scheeringa wrote, "Flight Options will [still] be pursuing strategic acquisitions, creative products and adding aircraft types," such as the Phenom 300 next year.

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“"Many years ago, our company founder, Al Conklin, sold a new twin-engine business aircraft to a very successful entrepreneur. He had established a bit of a rapport with the individual and, after the sale, asked him straight out, 'How can you justify the cost of this airplane?' His reply? 'What is the cost of a divorce?'"–David Wyndham, president, Conklin & de Decker”

-David Wyndham