NetJets Pilots Raise the Salary Standard

Business Jet Traveler » February 2008
Friday, February 1, 2008 - 4:00am

In December, NetJets pilots voted overwhelmingly in support of a major amendment and five-year extension to their collective bargaining agreement with NetJets Aviation. The pilots are represented by Teamsters Local 1108. While the contract was not up for renewal, the two sides nevertheless came together to forge the extension "in the best interests of both parties." NetJets first officers' first-year pay climbs from $39,000 to $56,875 under the seven-days-on/seven-days-off schedule. This eclipses the previously industry-leading salary for new-hire first officers of $40,000 at CitationShares.

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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