NetJets
NetJets, a subsidiary of Berkshire Hathaway, is an American company that offers fractional ownership and rental of private business jets. Formerly called Executive Jet Aviation, NetJets Inc. was founded in 1964. It was the first private business jet charter and aircraft management company in the world. NetJets sells part ownership or shares (called fractional ownership) in aircraft, this gives the fractional owner a share in the use of the aircraft.
History
NetJets Inc., formerly Executive Jet Aviation, was founded in 1964 as the first private business jet charter and aircraft management company in the world. The founding members of the board of directors of Executive Jet Aviation Corporation (EJA) included Air Force generals Curtis E. LeMay and Paul Tibbetts, Washington lawyer and former military pilot Bruce Sundlun, and entertainers James Stewart and Arthur Godfrey among others, with retired Air Force Brigadier General Olbert F. ("Dick") Lassiter as president and chairman of the board. EJA initially began operations in 1964 with a fleet of ten Learjet 23 aircraft. Bruce Sundlun became EJA president in 1970, and Paul Tibbets became president in 1976. By the late 1970s, EJA was doing business with approximately 250 contract flying customers and logging more than three million miles per year.
