“[New billionaires in fast-growing countries] have to buy longer-range airplanes. If you’re flying from Mongolia to Nigeria, it’s either a three-day journey flying commercial or a nine-hour flight on your jet.”
Kenn Ricci Back at Flight Options
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.