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NetJets Founder Quitting Company
Aug 5, 2009
William Garvey [email protected]
In a startling development, Richard T. Santulli, the Wall Street mathematician who created and then oversaw the development of NetJets Inc. into the largest operator of business jets in the world, is resigning as chairman and CEO of the Berkshire Hathaway-owned company, effective immediately.
"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," he said yesterday. His statement continued, "I will remain on with NetJets as a consultant for at least the next 12 months, in order to assist NetJets in this transition."
Santulli said he informed Berkshire Hathaway Chairman Warren Buffett of his decision yesterday, and the latter accepted the decision. Buffett then appointed David Sokol, the head of MidAmerican Energy Holdings, another Berkshire subsidiary, as NetJets Chairman and interim CEO.
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