Though some projections call for fractional operator NetJets to return to profitability by the end of next year, new management has nevertheless announced plans to lower the boom on close to 500 pilots. The layoffs are expected to start as soon as mid-January. The Berkshire-Hathaway owned company has established resource centers for affected pilots and hopes to recall as many as possible as soon as possible. The layoffs come as NetJets assumes its share of the economic woes throughout business aviation. Earlier this year, a strategy of early retirements and voluntary unpaid leave was initiated to try to stem the layoffs, but has apparently been unsuccessful. Also, according to inside reports, founder and former CEO Richard Santulli had resisted pressure to cut jobs, leading to his ousting from the company he established in 1986 and brought to national recognition.
Close to 500 NetJets Pilots to Get Pink Slips
Key Takeaways:
- Fractional operator NetJets is set to lay off nearly 500 pilots starting mid-January due to economic woes in business aviation, despite some projections of returning to profitability.
- Previous strategies like early retirements and voluntary unpaid leave were unsuccessful in preventing these job cuts.
- Founder and former CEO Richard Santulli was reportedly ousted for resisting pressure to implement job cuts.
- NetJets has established resource centers for affected pilots and hopes to recall them as soon as possible.
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