Fractional jet industry founder, Richard Santulli, steps down

Woodbridge: NetJets Inc., a Berkshire Hathaway company, has announced that Richard T Santulli will be leaving the company he created. ''After 25 years of working with the most talented group of people I could ever have imagined, who helped build the premiere aviation company in the world, I have decided to step down as chairman and CEO of NetJets immediately, in order to spend some more time with my young family and pursue other interests,'' said Richard T. Santulli, chairman and CEO of NetJets Inc.

''I will remain on with NetJets as a consultant for at least the next 12 months, in order to assist NetJets in this transition. I want to personally thank everyone at NetJets for all of their tireless energy, intelligence and support throughout all of these years,'' Santulli said.

Santulli is credited as being the father of the fractional aircraft industry.

''It is with reluctance that I accept Richard's decision to step down. Richard Santulli is synonymous with the fractional jet ownership industry and his vision and energy has made NetJets the leader that it is today. All of Richard's friends at Berkshire Hathaway wish Richard well in this transition,'' said Warren Buffet.

Buffett has appointed David Sokol as chairman and interim chief executive officer to allow for a smooth transition.

Santulli left Goldman Sachs in 1986, after a successful stint, to start a company that sold fractional shares in aircraft. This was a previously untried concept.