NetJets parts company with chief executive Jordan Hansell

NetJets, the corporate jet operator owned by Warren Buffett's Berkshire Hathaway, has parted company with chairman and chief executive Jordan Hansell, after a "tumultuous" period.

The move to replace Mr Hansell as the head of the 50-year old pioneer of fractional ownership, which allows customers to purchase the right to use a jet for set amounts of time annually, comes as a two-year stand-off with its pilots over pay drags on.

The sector has also been slow to recover from the economic downturn. The dispute is a blot on Berkshire’s copybook and adds to shareholders concerns that Mr Buffett’s investment vehicle is undermining its reputation as a benign acquirer and owner.

NetJets said it was promoting Adam Johnson, a long-term company executive, to replace Mr Hansell. “For his hard work and his success in leading NetJets through a very tumultuous economic period, Jordan has earned our sincerest thanks and best wishes for his next endeavours,” Mr Johnson said in a statement.

Earlier this year, NetJets pilots took their case to Berkshire Hathaway’s annual meeting, staging a protest outside for better pay and conditions.

– (Copyright The Financial Times Limited 2015)