On March 28, David Sokol resigned from his job as chairman of several Berkshire Hathaway-owned companies, including fractional-share provider NetJets. NetJets president Jordan Hansell took over as chairman and CEO.
In its newly released annual safety management system (SMS) audit results report, Argus says its Prism subsidiary has generally found a lack of SMS training at several business aviation flight departments. This latest report is based on 65 audits Argus performed last year, from which the Prism team reviews and compiles the results.
Berkshire Hathaway shareholder Mason Kirby filed a lawsuit on Monday against Berkshire Hathaway, company executives Warren Buffett and Charles Munger and other officers and directors, including director Bill Gates, as well as former NetJets chairman and CEO David Sokol.
As you've probably read, NetJets chairman and CEO David Sokol resigned abruptly from that company and parent firm Berkshire Hathaway on March 28, after questions arose about his purchase of stock in a firm that Berkshire subsequently offered to buy.
“We remain guardedly optimistic about a recovery in new business jet demand this year, but the path is a winding one and data points are mixed,” JPMorgan aerospace analyst Joseph Nadol III said in his firm’s latest monthly business jet report, released late last week.
ACSF Seeks Support for Single Audit Safety Standard
Britain’s coalition government–composed of an exotic combination of Conservatives and Liberal Democrats–is at war with itself in more ways than one. But its recent proposals for a new tax on private aviation are a prime example of this conflict.
Revenues at Berkshire Hathaway’s “other services” segment–which includes fractional jet provider NetJets and flight-training company FlightSafety International–climbed by $770 million (up 12 percent year-over-year), to $7.4 billion, according to the company’s 2010 financial results. Pre-tax profits at the division soared to $984 million, versus a $91 million loss in 2009.
David Sokol has resigned from his job as chairman of several Berkshire Hathaway-owned companies, including fractional-share provider NetJets. According to a statement issued late this afternoon by Berkshire Hathaway’s Warren Buffett, Sokol’s assistant submitted the resignation letter to Buffett late in the day on Monday, March 28.
“We are gaining confidence that a recovery is taking hold following good news in recent weeks,” JPMorgan North America Equity Research noted in its latest business jet update. The firm cited the net orders for 74 aircraft booked by Bombardier in the fourth quarter, as well as the recent firm order for 50 Bombardier Globals placed by NetJets.