- July 22, 2008, 11:27 AM
Cleveland-based fractional provider Flight Options yesterday named Kenn Ricci chairman and Mike Silvestro CEO, replacing former CEO S. Michael Scheeringa. The move had been rumored for weeks and might be only the beginning of more management changes at the company, according to several industry sources. Ricci returns to Flight Options 10 years after founding the fractional provider and six years after selling it to Raytheon. In November, Raytheon sold the company to Miami-based H.I.G. Capital, and in April Ricci took a minority share in Flight Options, as well as a seat on its board. Silvestro is also returning to the company, where he was vice president of sales and marketing from 2000 to 2005. He most recently held a senior executive position with a “leading fractional provider.” Meanwhile, Scheeringa will remain an investor in Flight Options and an “advisor to the board,” a spokesman said. In a letter to customers announcing his departure, Scheeringa said, “Flight Options will [still] be pursuing strategic acquisitions, creative products and adding aircraft types,” such as the Phenom 300 next year.