Richard T. Santulli (born August 14, 1944) is an American businessman. He is the founder and chairman of Milestone Aviation Group, a helicopter and business jet leasing company. He is best known for pioneering the concept of fractional jet ownership with

NetJets NetJets Inc. is an American company that sells Fractional ownership of aircraft, fractional ownership shares in private business jets. Founded as Executive Jet Airways in 1964, it was later renamed Executive Jet Aviation. NetJets became the ...

, a company he developed in 1986. Santulli was once considered a possible successor to

Warren Buffett Warren Edward Buffett ( ; born August 30, 1930) is an American investor and philanthropist who currently serves as the chairman and CEO of the conglomerate holding company Berkshire Hathaway. As a result of his investment success, Buffett is ...

Berkshire Hathaway Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of c ...

Early life and education

Richard T. Santulli was born in

Brooklyn Brooklyn is a Boroughs of New York City, borough of New York City located at the westernmost end of Long Island in the New York (state), State of New York. Formerly an independent city, the borough is coextensive with Kings County, one of twelv ...

, New York on August 14, 1944. Santulli studied at the

New York University Tandon School of Engineering The New York University Tandon School of Engineering (commonly referred to as Tandon) is the engineering and applied sciences school of New York University. Tandon is the second oldest private engineering and technology school in the United St ...

, earning B.S. and M.S. degrees in mathematics, as well as a master's degree in industrial engineering.

Career

Santulli's first job after graduating was with

Shell Oil Company Shell USA, Inc. (formerly Shell Oil Company, Inc.) is the United States–based wholly owned subsidiary of Shell plc, a UK-based transnational corporation " oil major" which is among the largest oil companies in the world. Approximately 18,000 ...

. In 1984, Santulli purchased Executive Jet, a charter service company, as a wholly owned subsidiary of RTS Capital Services. The company launched NetJets, a program that introduced a 'time-share' concept of fractional ownership (as previously seen in resort properties) to business jets, and then purchased eight Cessna Citation IIs. In July 1998, Warren Buffett's Berkshire Hathaway Inc. announced that it was buying NetJets for $725 million in stock and cash. Buffett had been a NetJets customer since 1995. Santulli and his older brother, Vincent, who joined Executive Jet in 1996 after starting and taking public Porta Systems Corp, an electronics company, agreed to continue to run the business. Santulli stayed on as chairman and

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

until his resignation in August, 2009. He remained a consultant for the company through August, 2010. In December 2009, Santulli joined Loan Value Group as chairman of the board. In August 2010, Santulli launched Milestone Aviation Group, a helicopter and business jet leasing company where he currently serves as chairman. Santulli secured an initial $500 Million from U.S. private-equity firm Jordan Co., in conjunction with Nautic Partners to launch the business. Santulli is currently the owner and managing general partner alongside George Prussin of Jayeff B Stables. Santulli is also a trustee of the

New York Racing Association The New York Racing Association, Inc. (NYRA) is the not-for-profit corporation that operates the three largest thoroughbred horse racing tracks in the state of New York (state), New York, United States: Aqueduct Racetrack in South Ozone Park, Q ...

, a steward of The Jockey Club and a member of the

Breeders' Cup The Breeders' Cup World Championships is an annual series of Graded stakes race, Grade I Thoroughbred racing, Thoroughbred horse races, operated by Breeders' Cup Limited, a company formed in 1982. From its inception in 1984 through 2006, it was ...

's board of directors.

Philanthropic involvement

Santulli serves as co-chairman of The Intrepid Sea-Air-Space Museum board of directors and chairman of the board for The Intrepid Fallen Heroes Fund. He is director of Mercy Home for Children, a non-profit organization that provides residential, supportive and respite programs for individuals with developmental disabilities. In 1989, the Richard T. Santulli Residence was established in Brooklyn, New York, to provide a residence with full-time care and support services to 15 people with disabilities. Mr. Santulli serves as a Director of the Andre Agassi Foundation for Education, an organization dedicated to transforming U.S. public education for underserved youth.

Award and honors

* 2016 : Honorary degree of

Ohio State University The Ohio State University (Ohio State or OSU) is a public university, public Land-grant university, land-grant research university in Columbus, Ohio, United States. A member of the University System of Ohio, it was founded in 1870. It is one ...

(D. Bus. Administration)

References

{{DEFAULTSORT:Santulli, Richard T. 1944 births Living people American airline chief executives New York Racing Association executives Polytechnic Institute of New York University alumni