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Warren Buffett's NetJets has been struggling — and now it has a new CEO
(Flickr/Aero Icarus)
Warren Buffett and Berkshire Hathaway have been synonymous with success and financial strength.
Unfortunately, that's not the case with every division of the Berkshire Hathaway family of businesses.
The company's luxury aviation business — NetJets — has been enduring a period of financial stress and labor strife.
So the company made a change at the top of its leadership ladder.
Bloomberg's Noah Buhayer has the story: "Adam Johnson, 44, was promoted to CEO and chairman, Columbus, Ohio-based NetJets said Monday in a statement."
"Bill Noe, 50, was named president and chief operating officer of the business, which sells fractional ownership of jets to wealthy individuals and corporate clients in exchange for flight time," Buhayer added.
According to Bloomberg, NetJets has been a constant cause for concern since Berkshire Hathaway purchased the company in 1998 for $725 million.
During the 2009 financial crisis, Buffett was quoted saying that if not for Berkshire Hathaway's deep pockets, NetJets would be destined for bankruptcy, Bloomberg reported.
In addition to the company's financial issues, NetJets is almost in the middle of heated labor discussions with the union representing the company's 2,700 pilots.
The management change could have a positive impact on the increasingly contentious labor situation at the company.
“We hope they share our goal of rebuilding a once progressive labor-management relationship,” the pilot's union president said in a statement.
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