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NetJets

From Wikipedia, the free encyclopedia
For the first commercially available web accelerator, see NetJet.

NetJets
IATA ICAO Call sign
— EJA/NJE EXECJET
Founded21 May 1964
(60 years ago) (1964-05-21)
United States[citation needed]
AOC #DXTA401D[1]
Subsidiaries
  • Executive Jet Management, Inc.
  • NetJets Aviation, Inc.
  • QS Partners
  • NetJets Europe
  • QS Security Services[2]
Fleet size750 (August 2020)[3]
DestinationsPoint to point
Parent companyBerkshire Hathaway
HeadquartersColumbus, Ohio, United States
Key people
  • Chairman and CEO: Adam Johnson
  • President of Sales, Marketing and Service: Patrick Gallagher[4]
Employees7,000[5]
Websitewww.netjets.com Edit this at Wikidata

NetJets Inc. is an American company that sells fractional ownership shares in private business jets.[6]

Founded as Executive Jet Airways in 1964, it was later renamed Executive Jet Aviation. NetJets became the first private business jet charter and aircraft management company in the world. It launched its fractional ownership business in 1986 and became a subsidiary of Berkshire Hathaway in 1998.[7][8]

History

[edit]
NetJets aircraft all have the same paint scheme, their US registration ends in "QS" (for quarter share)
A NetJets Boeing Business Jet 737-700 that the company formerly operated, photographed in 2009
A Netjets Citation Latitude in 2020
NetJets headquarters sign

1960s

[edit]

The company was founded in 1964 and originally known as Executive Jet Airways. The name was later changed to Executive Jet Aviation (EJA), and again in 2002 to NetJets, after Berkshire Hathaway purchased it in 1998. NetJets was the first private business jet charter and aircraft management company in the world.[7] The idea came from retired Air Force Brigadier General Olbert F. "Dick" Lassiter, who had experience running the Air Mission Squadron, an air taxi service for the Air Force. The idea was to run a similar service for private companies, with a pool of corporate jets providing transportation instead of each company having to purchase and maintain their own plane.[9]: 177  The founding members of the board of directors included US Air Force generals Curtis E. LeMay and Paul Tibbets, Washington lawyer and former military pilot Bruce Sundlun, and entertainers and pilots James Stewart and Arthur Godfrey, with Lassiter serving as president and chairman of the board.[10][11][12]

Shortly after its founding, EJA began receiving regular investments from the Pennsylvania Railroad, which were managed by accountant David Bevan. In June 1965, the railroad purchased a majority of shares in EJA, despite the fact that rail carriers were barred from owning air carriers by the Federal Aviation Act of 1958.[9]: 183  To hide the investments from the PRR board, Bevan made the payments through a subsidiary, the American Contract Company, which he was president of.[9]: 179 

EJA initially began operations in 1964 with a fleet of ten Learjet 23 aircraft.[13] The company soon moved to acquire competitors and larger aircraft, including two 707 jets and two 727 jets from Boeing, but these could not be operated without approval from the Civil Aeronautics Board.[9]: 185  The Pennsylvania Railroad argued its majority stake in EJA was legal as it consisted of non-voting stock, and anticipating approval from the CAB, EJA licensed its larger jets to foreign airlines. When the CAB instead ruled against EJA, the company now found itself deeply unprofitable, and the Pennsylvania Railroad attempted to sell off its stake. However, potential buyers lost interest after corporate spies for Pan Am acquired and leaked information on EJA's illegal interests.[9]: 191  The Pennsylvania Railroad merged into Penn Central in 1968, and the search for a buyer continued. Penn Central and EJA were ultimately fined $70,000 by the CAB in 1969.[9]: 192 

In 1970, the trustee for Penn Central's EJA shares voted to oust Lassiter and replace him with Bruce Sundlun. On July 1, the day before he was voted in as president, Sundlun led a midnight raid on EJA's corporate offices with the assistance of Pinkertons. Lassiter attempted to retake the office with armed guards of his own shortly after, but they were stopped by Sundlun's guards.[9]: 177  Lassiter was later sued for his role in diverting $21 million of PRR money into EJA, much of which had gone to his personal expenses.[12][9]: 197  Sundlun, Robert L. Scott Jr. and Joseph S. Sinclair bought out the Penn Central interest in EJA in 1972 and stabilized the company's finances. Paul Tibbets became president in 1976.[14][15]

1980s

[edit]

In 1984, Executive Jet Aviation was purchased by mathematician and former Goldman Sachs executive Richard Santulli who owned a business that leased helicopters to service providers of offshore oil operations. When Santulli became chairman and CEO of the corporation, he closely examined 22 years of pilot logbooks, and began to envision a new economic model where several individuals could own one aircraft.[16]

In 1987, the NetJets program was officially announced becoming the first fractional aircraft ownership format in history.[13] Around the same time, painted on every NetJets US aircraft is a registration ending with QS, symbolizing the concept of selling quarter shares of an aircraft—a feature that is still representative of the NetJets brand today.[17][18]

1990s

[edit]

In 1998, Berkshire Hathaway acquired EJA and NetJets Inc from Richard Santulli for US$725 million, half of which was paid in stock.[19] NetJets soon expanded to Europe and then Russia, and by 2006, it was the largest operator of business jets in Europe.[20]

2000s

[edit]

The company operated a fleet of nine Boeing 737-700 Boeing Business Jets in the mid-2000s, since then sold off.[citation needed]

In early August 2009, Santulli resigned as CEO and was replaced by David Sokol. Shortly afterward, NetJets moved its corporate headquarters from New Jersey back to its original home in Columbus, Ohio.[21]

2010s

[edit]

In 2010, NetJets acquired Marquis Jet from founders Jesse Itzler and Kenny Dichter.[22] The prepaid Marquis Jet card allowed customers to purchase 25 hours of guaranteed flight time on the NetJets fleet.[23]

On 11 June 2012, NetJets placed the largest aircraft order in private aviation history totaling US$17.6B. The company placed a firm order for 30 Bombardier Global 5000/6000 jets, 25 Bombardier Challenger 650 jets, 75 Bombardier Challenger 350s, 25 Cessna Citation Latitudes and 50 Embraer Phenom 300s.[24] As a part of this purchase agreement, it also placed conditional orders for an additional 40 Bombardier Global 5000/6000s, 50 Bombardier Challenger 650, 125 Bombardier Challenger 350s, 125 Cessna Citation Latitudes and 75 Embraer Phenom 300s. As a result of these orders NetJets became Cessna's largest business jet fleet owner.[25][26]

In September 2014, NetJets acquired approval to launch its aircraft charter service in China, having worked with Chinese authorities since 2012 to secure the operating certificate.[27]

In 2015, the company's pilots picketed the Wynn resort in Las Vegas where company owner Warren Buffett was hosting some of his wealthiest customers. The event was symbolic of deteriorating labor relations within the company at this time.[28]

The Internal Revenue Service (IRS) had sought back taxes and penalties of $643 million from NetJets for periods beginning in 2003, including on its maintenance and service fees. NetJets filed a lawsuit challenging the IRS assessments. In January 2015, the United States District Court issued a decision in NetJets' favor, holding that the IRS assessments were unlawful.[29][30][31]

In 2019, a former NetJets pilot filed a lawsuit alleging that in March 2017, the company violated US Civil Right and Ohio anti-discrimination law when she was fired for being too short (5 feet 2 inches (157 cm)) to properly control the rudders of an Embraer Phenom 300. She states that male pilots who were too tall were reassigned to different aircraft, while her employment was terminated without the opportunity to fly a different plane.[32][33][34] An Ohio federal judge ruled in favor of NetJets in 2022, citing the plaintiff's failure to prove sex discrimination.[35]

2020s

[edit]

In the spring of 2020, the company saw a boom in demand, as wealthy individuals sought to avoid the risks of airline flying during the COVID-19 pandemic. Previously, many potential customers had concerns about the optics of opulence and the environmental issues of private jet transport, but NetJets President of Sales, Marketing and Service, Patrick Gallagher noted in May 2020, that the health risks associated with flying on commercial airlines during the pandemic had trumped those concerns. The company introduced regular employee COVID-19 testing to try to contain the risks of an outbreak on its aircraft.[36]

In October 2020, the company made initial moves to reduce its carbon footprint. The company committed to buying "up to 3 million gallons" (11.4 million litres) of sustainable aviation fuel to be used at two of its bases, San Francisco and Columbus, Ohio. The company is also encouraging its customers to buy carbon offsets for their flights. The company will also buy its own offsets for its administration and training flights.[37]

As of November 2020, almost half of the company's fleet was manufactured by Textron, and the rest by Bombardier Inc. and Embraer. After reducing its delivery target for 2021 by more than half, due to decreased demand caused by the COVID-19 pandemic in 2020, the company expected to take delivery of 40 new aircraft in 2021 in anticipation of industry recovery.[38]

In February 2021, the company purchased a stake in WasteFuel, a business that will convert landfill waste into sustainable aviation fuel (SAF). NetJets plans to purchase 100 million gallons of SAF from WasteFuel over the next 10 years as part of the deal.[39]

In March 2021, NetJets announced that it had ordered 20 Aerion AS2s supersonic business jets. The memorandum of understanding between NetJets and Aerion called for the two companies to operate a larger "Aerion Connect" network.[40][41] Aerion abruptly announced its closure on 21 May 2021, due to the inability to raise the needed capital to continue.[42]

The company announced in March 2022, that it would partner with Lilium GmbH to establish an eVTOL network in Florida. NetJets will buy 150 Lilium Jets and operate them under a FAR Part 135 charter operation.[43]

NetJets announced in September 2023, that it will be purchasing up to 1,500 Cessna Citation jets from Textron Aviation. Deliveries for this 15-year deal are expected to begin in 2025.[44]

Subsidiaries

[edit]

NetJets Europe, also known by its corporate legal name, NetJets Transportes Aéreos, S.A., was launched in 1996 as a sister company of NetJets and is now a subsidiary.[45] It is based in Oeiras, Portugal, and serves more than 5,000 airports globally.[46]

Also among NetJets subsidiaries is Executive Jet Management (EJM), based in Cincinnati, Ohio, which offers aircraft management and charter services. QS Partners is the whole-aircraft brokerage arm of NetJets, launched in 2016 and officing in Columbus, Ohio; Boulder, Colorado; and London; it also exclusively resells used aircraft from NetJets' fleet. QS Security Services was launched by NetJets in October 2019 with "tiered security packages" based on passenger needs and threat level at destination. Initially only available at Paris Le Bourget and in Mexico, future plans include worldwide coverage by 2023.[47]

Business model

[edit]
The landside of the headquarters building
The airside of the headquarters building
NetJets headquarters at John Glenn Columbus International Airport.

NetJets sells fractions of specific aircraft, chosen from several available types at the time of purchase. Owners then have guaranteed access (50–400 hours annually, depending on share size) to that aircraft with as little as four hours' notice. If the owner's aircraft is unavailable for some reason, another aircraft of the same type, or a larger aircraft, will be provided.[48][49]

Fractional owners pay monthly maintenance fees for a minimum of 50 annual flight hours and a five-year commitment, as well as operating fees by the hour for use of aircraft. Alternatively, customers may buy flight hours in 25-hour increments by way of jet card programs.[23] Fractional owners also pay an occupied hourly operating fee, but it is charged only when an owner or guest is on board, not for ferry flights.[48][49]

NetJets is the largest fractional aircraft provider. In 2021 its fleet flew 478,444 hours.[50]

For companies or individuals that require less than the minimum 50 flight hours and the five-year commitment of fractional ownership, they can buy flight hours in 25-hour increments via the NetJets jet card programs.[23] Due to a surge in demand for private aviation during the COVID-19 pandemic, NetJets suspended its card program in August 2021.[51] Sales restarted in March 2023. This program features "blackout" days, when service is not available due to expected high demand, such as on holidays or during major sporting events.[52]

Fleet

[edit]
NetJets Bombardier Global 7500
NetJets Cessna Citation Latitude

NetJets is the largest private jet operator in the world.

The data below is limited to aircraft registered on the United States operating certificate.

Additional aircraft not included in this data exist within the NetJets Europe, and Executive Jet Management fleet.[53] The NetJets fleet as of 31 July 2024:

Aircraft Type Number of Aircraft
Embraer Phenom 300[54] 96
Embraer Phenom 300E[55] 17
Cessna Citation XLS[56] 54
Cessna Citation Sovereign[56] 36
Cessna Citation Latitude[56] 191
Cessna Citation Longitude[57] 64
Bombardier Challenger 350[57] 75
Bombardier Challenger 650[58] 46
Bombardier Global 5000[59] 12
Bombardier Global 5500[59] 11
Bombardier Global 6000[59] 23
Bombardier Global 7500[59] 12
Total Aircraft 637

As of March 2024, NetJets' global fleet included more than 750 aircraft.

Accidents and incidents

[edit]
NetJets reported incidents
Date Flight Aircraft Location Description Fatal Serious Minor Uninjured
9 May 1970 N434EJ[60]
(flying as Executive Jet Aviation) 		Learjet 23 Pellston, Michigan Controlled flight into terrain while landing at Pellston-Emmet County Airport (IATA: PLN, ICAO: KPLN, FAA LID: PLN). UAW President Walter Reuther, his wife May, and architect Oscar Stonorov were killed in the crash.[61] 6[60] — — —
22 January 1999 N782QS[62][63](flying as Executive Jet Aviation) Cessna 650 Citation VII Columbus, Ohio During a training flight, the aircraft was landing at Port Columbus International Airport (IATA: CMH, ICAO: KCMH, FAA LID: CMH), when the right main landing gear collapsed. Two certificated airline transport pilots, a company pilot, and a company intern were on board. Inadequate design of the landing gear was found to be the probable cause. — — — 4
2 May 2002 N397QS[64][65] Cessna Citation 560 Leakey, Texas Arriving from Houston Hobby (IATA: HOU, ICAO: KHOU, FAA LID: HOU), the aircraft landed more than halfway down the runway at Real County Airport (FAA LID: 49R). The aircraft overran the departure end of the runway and collided with trees. A post-impact fire consumed the aircraft after the crew and four passengers were able to evacuate. — — — 6
28 August 2006 N879QS[66][67] Hawker 800XP Smith, Nevada Netjets Flight 879 (N879QS) was a flight originating from McClellan–Palomar Airport (IATA: CLD, ICAO: KCRQ, FAA LID: CRQ). While on approach to Reno–Tahoe International Airport (IATA: RNO, ICAO: KRNO, FAA LID: RNO), Flight 879 collided midair with a glider (N7729) 10 miles (16 km) west-northwest of Smith, Nevada, at an altitude of 16,000 feet (4,900 m) above sea level. Flight 879 landed safely with only minor injuries on board; the pilot of the glider parachuted to safety, but sustained minor injuries while landing.

During the investigation, the pilot of the glider stated that glider's transponder was off in order to preserve the batteries for radio use.[66]

— — 2 + 1[66] 3[66]

See also

[edit]

References

[edit]
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  6. ^ Simon, Hermann (19 July 2009). Hidden Champions of the Twenty-First Century: The Success Strategies of Unknown World Market Leaders. Springer Science+Business Media. p. 13. ISBN 978-0387981468. LCCN 2009928014. OCLC 889696178. OL 24537760M. NetJets poineered the fractional ownership concept for private jets.
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  8. ^ Catalano, Robin (20 January 2018). "NETJETS COMPARED TO WHEELS UP". sherpareport.com. SherpaReport. Archived from the original on 2 July 2019. Retrieved 20 October 2019. NetJets, founded by three retired military pilots in 1964 as Executive Jet Aviation, is the granddaddy of fractional ownership and private jets. Since its inception, it has grown from a fleet of ten Learjet 23 aircraft to 10 types of planes and nearly 700 aircraft worldwide—the world's largest private jet fleet.
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  10. ^ United States Congress House Committee on Banking and Currency (1972). The Penn Central Failure and the Role of Financial Institutions: Staff Report of the Committee on Banking and Currency, House of Representatives, 92d Congress, First Session. Arno Press. p. 58. ISBN 978-0405003745. OCLC 1020583347. OL 22227843M.
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  19. ^ Teitelbaum, Richard (30 September 2013). "Berkshire Billionaire Found With More Shares Than Gates". Bloomberg L.P. Archived from the original on 13 May 2019. Retrieved 15 March 2021.
  20. ^ Holden, Henry M. (6 November 2006). "NetJets And Dassault Ink $1.1 Billion Deal". airportjournals.com. Airport Journals. Archived from the original on 8 January 2017. Retrieved 21 October 2019. Founded in 1996, NetJets Europe is the largest operator of business jets in Europe, with 100 jets and more than 1,200 customers.
  21. ^ "Cuts at NetJets delay expansion plans in Ohio". Springfield News-Sun. Columbus, Ohio: Springfield News-Sun. Associated Press. 12 September 2009. ISSN 0744-6101. Archived from the original on 6 May 2011. Retrieved 20 October 2019. Sokol became CEO and chairman of NetJets in early August upon the abrupt resignation of longtime CEO Richard Santulli. Investor Warren Buffett, who controls parent company Berkshire Hathaway Inc., selected Sokol to help orchestrate a turnaround at NetJets.
  22. ^ Natalie Robehmed (14 January 2014). "How To Pitch Successfully From Rapper-Turned-Entrepreneur Jesse Itzler". Forbes. Retrieved 31 March 2015.
  23. ^ a b c "Berkshire's NetJets Buys Marquis Jet Card Company". Reuters. New York. 4 November 2010. Archived from the original on 25 November 2017. Retrieved 20 October 2019. NEW YORK (Reuters) - NetJets Inc, the corporate aircraft unit of Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N), said on Thursday it bought Marquis Jet, which has a program that sells flight time on NetJets planes. Terms of the sale were not disclosed.
  24. ^ "NetJets Orders Up to 275 Bombardier Challenger Business Jets" (Press release). Montréal: Bombardier Inc. 11 June 2012. Archived from the original on 14 December 2018. Retrieved 20 October 2019. Today, just over one year after the largest business aircraft sale in its history, Bombardier Aerospace surpassed that record, announcing a firm order from NetJets Inc. for 100 Challenger business jets with options for an additional 175 aircraft.
  25. ^ MCMILLIN, MOLLY (13 June 2012). "NetJets order big for Cessna, but impact may be delayed". Aviation. The Wichita Eagle. ISSN 1046-3127. OCLC 20386511. Archived from the original on 17 June 2012. Retrieved 20 October 2019. NetJets' order for up to 150 mid-size Citation Latitude business jets from Cessna Aircraft is the company's largest order for any single model of aircraft.
  26. ^ McMillin, Molly (13 June 2012). "NetJets order big for Cessna, but impact may be delayed". The Wichita Eagle. Archived from the original on 17 June 2012. Retrieved 26 February 2021.
  27. ^ Lopez, Luciana (23 September 2014). "NetJets wins approval to launch China service". Reuters. New York. Archived from the original on 11 December 2018. Retrieved 20 October 2019. NEW YORK (Reuters) - NetJets Inc [BRKNT.UL], the private aircraft charter company owned by Warren Buffett's Berkshire Hathaway Inc (BRKa.N), said on Tuesday that it had acquired approval to launch its aircraft charter service in China.
  28. ^ Das, Anupreeta (15 January 2015). "NetJets Unrest Puts Warren Buffett in a Rare Pinch". The Wall Street Journal. Archived from the original on 31 March 2021. Retrieved 31 March 2021.
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  30. ^ Stempel, Jonathan (27 January 2015). "Berkshire's NetJets defeats $500 million IRS tax claim". Reuters. New York. Archived from the original on 6 December 2017. Retrieved 20 October 2019. NEW YORK, Jan 27 (Reuters) - NetJets Inc, the private jet-sharing company owned by Warren Buffett's Berkshire Hathaway Inc, has defeated a U.S. Internal Revenue Service lawsuit attempting to recoup more than $500 million of unpaid taxes, penalties and interest.
  31. ^ Lewis, Nicole (6 December 2017). "Does the Senate tax bill really offer a tax break for private jets, as key Democrats claim?". The Washington Post. Archived from the original on 18 January 2021. Retrieved 10 May 2021.
  32. ^ Weiker, Jim (15 August 2019). "Pilot says NetJets fired her because of her height". The Columbus Dispatch. ISSN 1074-097X. Archived from the original on 15 August 2019. Retrieved 20 October 2019. After passing the initial flight test, Drerup "struggled to maintain control" of an Embraer Phenom 300 plane during a flight simulation. Her instructor told her she was too short, at 5 feet 2 inches, to properly control the rudders.
  33. ^ Solis, Nathan (13 August 2019). "Too Short to Fly: Female Pilot Sues Charter Over Firing". Courthouse News Service. Archived from the original on 14 August 2019. Retrieved 25 November 2019. Drerup is 5 feet 2 inches tall, and claims she's been rated to fly five other planes – including two NetJets has in its fleet.
  34. ^ Puhak, Janine (14 August 2019). "Female pilot suing former employer after being told she's 'too short' to fly; Gloria Allred representing". Fox News. Archived from the original on 14 August 2019. Retrieved 10 May 2021.
  35. ^ Dorrian, Patrick (4 May 2022). "NetJets Defeats Female Pilot's Sex Bias Suit Over Short Stature". Bloomberg Law. Retrieved 7 September 2023.
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  40. ^ Hemmerdinger, Jon (3 March 2021). "NetJets takes purchase rights for 20 Aerion AS2 supersonics". FlightGlobal.
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  48. ^ a b Wynbrandt, Janes (July 2020). "Weighing your options". Business Jet Traveler. Archived from the original on 25 October 2020. Retrieved 11 April 2021.
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  51. ^ Gollan, Doug. "NetJets Hints Spring Restart For Jet Card Sales". Forbes. Retrieved 14 August 2024.
  52. ^ Gollan, Doug. "NetJets, Wheels Up Make Program Changes". Forbes. Retrieved 14 August 2024.
  53. ^ Sarsfield, Kate (15 October 2018). "NBAA: NetJets in deal for 325 Cessna Longitude and Hemisphere jets". FlightGlobal. FLIGHT DAILY NEWS. Archived from the original on 3 November 2018. Retrieved 21 October 2019. NetJets is the largest business aircraft operator in the world with a fleet of over 520 aircraft.
  54. ^ NetJets (2021). "Light Private Jets". netjets.com. Retrieved 21 July 2021.
  55. ^ NetJets (2021). "Light Private Jets". netjets.com. Retrieved 21 July 2021.
  56. ^ a b c NetJets (2021). "Midsize Private Jets". netjets.com. Retrieved 21 July 2021.
  57. ^ a b NetJets (2021). "Super-Midsize Private Jets". netjets.com. Retrieved 21 July 2021.
  58. ^ NetJets (2021). "Large Private Jets". netjets.com. Retrieved 21 July 2021.
  59. ^ a b c d NetJets (2021). "Long-Range Private Jets". netjets.com. Retrieved 21 July 2021.
  60. ^ a b Accident description for ASN Aircraft accident Learjet 23 N434EJ Pellston-Emmet County Airport, MI (PLN) at the Aviation Safety Network. Retrieved on 26 October 2019.
  61. ^ "Reuther Dies in Jet Crash With Wife and 4 Others". The New York Times. Vol. CXIX, no. 41015 (Late City ed.). Detroit, Michigan. 11 May 1970. p. 1. eISSN 1553-8095. ISSN 0362-4331. OCLC 1645522. Archived from the original on 26 June 2021. Retrieved 7 February 2022. DETROIT, May 10--Walter P. Reuther, the president of the United Automobile Workers, and his wife, May, died last night in a plane crash in northern Michigan. Mr. Reuther was 62 years old, and his wife was 59. Four other persons were also killed when the chartered Lear-Jet crashed in flames near Pellston, Mich., 260 miles northwest of Detroit, at 9:33 P.M. Michigan time (10:33 P.M. New York time).
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  67. ^ Accident description for ASN Aircraft accident Raytheon Hawker 800XP N879QS Carson City, NV at the Aviation Safety Network. Retrieved on 22 October 2019.
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