By Daniel Guevarra

August 7, 2009, WOODBRIDGE, NJ NetJets Inc. 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.  I have been fortunate to have you all as part of my extended family. I informed Mr. Buffett of this decision this morning, and his response follows:” 

“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.” 

Mr. Buffett has appointed David Sokol as Chairman and interim Chief Executive Officer to allow for a smooth transition. David Sokol stated “NetJets is a tremendous company with an outstanding team of people who dedicated themselves to providing the finest fractional ownership experience possible. I look forward to working with this team in building upon NetJets’ legacy which Richard created.” 

NetJets Inc., a Berkshire Hathaway company, is the worldwide leader in private aviation. NetJets fractional aircraft ownership allows individuals and companies to buy a share of a private business jet at a fraction of the cost of whole aircraft ownership, and guarantees availability 365 days a year with just a few hours’ notice.