XOJet announced today that it is promoting Bradley Stewart to company CEO, effective February 7. Stewart, who has been president of the fixed-price aircraft charter firm since 2010, was previously an executive with Parthenon Capital Partners and McKinsey. Current CEO Blair LaCorte will remain active with the charter company as a member of the board of directors. LaCorte will also retain his role as senior advisor to XOJet’s owner, TPG Portfolio, with which he has been affiliated since 2005.
Abu Dhabi-based investment firm Aabar Investments is investing a further $20 million in charter provider XOJet. The move came just four months after XOJet secured $470 million in additional funding from a group led by TPG, a Fort Worth-based private equity firm, and Aabar. Meanwhile, Aabar and XOjet said they plan to form a joint venture in the UAE to provide aviation services in the Middle East and North Africa.
XOJet has secured $470 million in additional financing, including $100 million in equity and a “more flexible debt facility” of $370 million that allows for the purchase of either new or used aircraft. The financing was led by TPG, a Fort Worth-based private equity firm, and Aabar, an Abu Dhabi-based investment firm. XOJet plans to use the additional capital to expand its charter aircraft operations.
Former airline executive David Siegel has eschewed big iron in favor of business jets, having been named president and CEO of California-based XOJet, a rapidly growing private aviation company.
Siegel is the former CEO of Gate Gourmet and US Airways and has been a member of XOJet’s board of directors since last year. Earlier in his career, he served in various senior management roles at Continental Airlines and Continental Express.
XOJet, the fast-growing on-demand charter company operating a fleet of Cessna Citation X and (starting this fall) Bombardier Challenger 300 aircraft, has secured $2.46 billion in financing to fund an ambitious plan to expand further both in North America and internationally, in what the company claims is the “largest publicly announced business aircraft financing package in history.” It is also evaluating larger aircraft, such as the Bombardie