"Warren Buffett's NetJets is putting 495 of its 3200 pilots on furlough effective January 15, as the Berkshire Hathaway subsidiary continues to cut back in the face of a slowdown in private corporate air travel.
In a statement quoted by Bloomberg, CEO David Sokol says, “This difficult decision resulted from a comprehensive analysis of current and projected flight demand. As we move forward, we will continue to adjust our operations to meet customers’ needs and act in a fiscally responsible manner."
Sokol, the Chairman of Berkshire's MidAmerican Energy Holdings, assumed the NetJets CEO job last August after founder Richard Santulli abruptly resigned.
In September, Columbus, Ohio-based NetJets announced plans to cut roughly 350 non-pilot jobs by the end of the year."
