NetJets Is the Name, Frax Is the Game

 - October 3, 2007, 10:21 AM

NetJets aircraft will fly 300,000 occupied hours this year, chairman and CEO Richard Santulli told reporters during ceremonies in Columbus, Ohio, to announce a rebranding that changed the company name from Executive Jet Inc. to NetJets Inc. Citing confusion among the press, prospects and customers, Santulli noted that “changing our corporate name to NetJets Inc. reflects the importance of the NetJets fractional-ownership program as our primary business.” About the recent Flight Options-Raytheon Travel Air merger, Santulli confirmed that Raytheon had approached him to buy Travel Air, “but I don’t like my competitors’ contracts. When I look at their basic business models, I have no interest in buying any of them.” Acknowledging that the Boeing Business Jet has come to market (late) at a tough time, Santulli said NetJets has eight BBJs on strength for seven customers who own 24 one-sixteenth shares, accounting for 1.5 of those eight aircraft.