““[Bill Gates] has been historically one of my best supporters…One of my favorite e-mails he ever sent me…I proposed this crazy project. And he sent back this two-line response: ‘This has got to be the craziest thing you’ve ever suggested. Please proceed.’” ”
Teddy Forstmann, Who Revived Gulfstream, Dies at 71
Theodore Forstmann, the private equity investor credited with turning around Gulfstream Aerospace, died Nov. 20 at age 71. His investment firm, Forstmann Little & Company, acquired Gulfstream in 1990 for $800 million. When the Savannah, Ga.-based aircraft manufacturer began experiencing financial difficulties, Forstmann took a hands-on approach and appointed himself chairman and CEO. During his seven-year tenure, he revamped the management team, created new product lines, introduced aircraft fractional ownership and launched the then-flagship GV. Forstmann sold Gulfstream to General Dynamics for $5.6 billion in 1999. In addition to being a founding partner of Forstmann Little, he was chairman and CEO of IMG, a global sports and media company.