Posts Tagged ‘NetJets’

NetJets to Furlough 495 pilots

Top management at NetJets decided that they could no longer keep all their pilots in the operation. 495 pilots will be furloughed by January 2010. NetJets CEO, David Sokol, was on CNBC the other week claiming that business was down 20% and that the market would remain soft for some time. He avoided any furlough issues and it seemed obvious that he knew what was going to happen.



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NetJets CEO, Sokol, on CNBC

The CEO of NetJets, David Sokol, talked to CNBC about the private aviation industry and Berkshire Hathaway. Sokol cited that 20% of NetJet’s traffic is down year over year and most of this is due to the soft leisure demand. He noted that business looks strong and that NetJets is on solid footing.

He did not mention anything about layoffs and I know that has been a worry for some of the junior pilots at the company. Hopefully, leisure traffic will pick back up and there will be no worry of pilot furloughs.

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