PrivatAir Adds Boeing 7870 to Charter Fleet

Business Jet Traveler » February 2007
Thursday, February 1, 2007 - 4:00am

Swiss-based charter and aircraft management specialist PrivatAir has become one of the first purchasers of an executive/VIP version of Boeing's new 787 airliner. The aircraft will complement PrivatAir's already substantial Boeing fleet, which includes a 767, a 757, a BBJ2 and three BBJs. Acquisition of the 787-which can carry 30 to 40 passengers nonstop to any city in the world-underlines "a growing demand from business travelers for long-range and large-cabin aircraft," according to a PrivatAir spokesman.

That demand is apparent in the rest of Boeing's order book for executive/VIP 787s. The company has sold five directly to the buyers and two more to leasing companies on behalf of end-users who wanted the airplanes sooner than they could have gotten them by purchasing directly from Boeing.

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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