Richard T. Santulli (born August 14, 1944), is an American businessman. He is the founder and chairman of

Milestone Aviation Group Milestone Aviation Group, a subsidiary of AerCap, is an aircraft leasing company focused on helicopters. As of December 31, 2021, it owned 355 helicopters, which are leased to companies including CHC Helicopter, Bristow Helicopters, Saudi Aramc ...

, 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 shares in private business jets. Founded as Executive Jet Airways in 1964, it was later renamed Executive Jet Aviation. NetJets became the first private business jet chart ...

, 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 business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net w ...

Berkshire Hathaway Berkshire Hathaway Inc. () is an American Multinational corporation, multinational conglomerate (company), conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from ...

Early life

Richard T. Santulli was born in

Brooklyn Brooklyn () is a borough of New York City, coextensive with Kings County, in the U.S. state of New York. Kings County is the most populous county in the State of New York, and the second-most densely populated county in the United States, be ...

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

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 Sta ...

, 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 amongst 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 central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

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

, 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, United States: Aqueduct Racetrack in South Ozone Park, Queens; Belmont Park ...

, a steward of

The Jockey Club The Jockey Club is the breed registry for Thoroughbred horses in the United States and Canada. It is dedicated to the improvement of Thoroughbred breeding and racing and fulfills that mandate by serving many segments of the industry through its s ...

and a member of the

Breeders' Cup The Breeders' Cup World Championships is an annual series of Grade I Thoroughbred horse races, operated by Breeders' Cup Limited, a company formed in 1982. From its inception in 1984 through 2006, it was a single-day event; starting in 2007, ...

's board of directors.

Philanthropic involvement

Santulli serves as co-chairman of The

Intrepid Sea-Air-Space Museum The ''Intrepid'' Sea, Air & Space Museum is an American military and maritime history museum in New York City with a collection of museum ships. It is located at Pier 86 at 46th Street, along the Hudson River, in the Hell's Kitchen neighbor ...

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, commonly called Ohio State or OSU, is a public land-grant research university in Columbus, Ohio. A member of the University System of Ohio, it has been ranked by major institutional rankings among the best publ ...

(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