Warren Buffett Watch
- CNBC VIDEO: Warren Buffett & Bill Gates 'Walk & Talk' at Columbia University
- Warren Buffett to CNBC: Curbing Fed's Independence Could Lead to 'Mischief'
- Warren Buffett to Co-Chair Goldman Sachs Program to Help Small Businesses
- Warren Buffett: 'Reasonable Return is Good Enough' for Long-Haul Railroad Ride
- Warren Buffett's Berkshire Hathaway Almost Doubles Wal-Mart Holdings During Summer
- Warren Buffett's Berkshire Portfolio Snapshot Coming Later Today
- Warren Buffett to CNBC: 'I Haven't Bought American Express In Years'
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
- EXCERPTS and IMAGES: Warren Buffett & Bill Gates - Keeping America Great
RSS FEED
- U.S. Stocks Slip, Dollar Rises
- How Stock Investors Can Play Holiday Travel
- Time Lapse World Series Is A Great Play
- Hirschhorn: Greed...or Fear
- My Top 10 Tech Toys for the Holidays
- iPhone a Better Gaming Platform Than Android?
- May Day For Dendreon
- 100% Mortgage Financing From USDA
- Holiday Tipping: Who And How Much
- Wall Street Finds Profits by Reducing Mortgages
- Kraft Weighs Higher Cadbury Bid as Rivals Circle
- Microsoft, News Corp Weigh Online News Pact
- Warren Buffett, Bill Gates 'Walk & Talk' At Columbia
- Senate Democrats at Odds Over Health Care Bill
- What if a Recovery Is All in Your Head?
- Thanksgiving Week Stuffed With Economic News
- 10 Tips to Get Out of Debt
- This Season: Everybody's A Scrooge
Text Size 
Executive Producer
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.
Columbia Business First notes that the pilot cutbacks are being described as "furloughs" in accordance with its contract with the pilots' union.
Company spokesman Ted Lowen tells the publication its not clear when NetJets might resume hiring. "We’re doing the hard work now to get prepared for what we expect to be steady growth. When that happens, no one can really tell."
Current Berkshire stock prices:
Class A: [BRK.A
Loading...
()
]
Class B: [BRK.B
Loading...
()
]
For more Buffett Watch updates follow alexcrippen on Twitter.
Email comments to
Data is a real-time snapshot *Data is delayed at least 15 minutes