Ex-NetJets CEO joins Rockbridge
The former Berkshire Hathaway executive who earned praise from Warren Buffett while leading NetJets for four years is joining a Columbusbased private-equity firm that invests in hotels.
Four months after Jordan Hansell resigned in the midst of NetJets’ contract dispute with its pilots union, he has taken a job as president of Rockbridge Holdings.
While at Columbusbased NetJets, Hansell had appeared alongside Buffett in interviews to discuss the cost-cutting turnaround he led from 2011 until June. But near the end of his tenure, Hansell became the focus of the union’s ire over concessions the company sought in prolonged talks.
“Ultimately, it became a little bit about me as a leader, and I thought it was probably best if I got out of the way to see if they could come to a conclusion in those arrangements,” Hansell said about why he left NetJets.
The company’s 2,700 pilots reached a tentative contract agreement with NetJets this month. The company sells partial ownership interests in a fleet of more than 700 business jets.
During Hansell’s time with NetJets, Buffett praised his efforts to cut costs after demand for private jets plummeted in the midst of the Great Recession. Buffett did not respond to questions this week.
Hansell seemed to tire of the challenging economic conditions that NetJets faced. Now at Rockbridge, Hansell will get more opportunity to use the dealmaking skills he learned before joining NetJets as a mergers-andacquisitions lawyer.
“When I arrived at NetJets along with others, it was in 2009 in very difficult circumstances,” Hansell said. “Rockbridge is in a position of strength, and that gives us a different set of opportunities.”
Since 1992, Rockbridge has completed more than 300 hotel deals worth more than $5 billion as it mostly buys, improves and resells hotels.
Rockbridge CEO Jim Merkel said he wanted to hire Hansell because of his experience running a large, complicated business and because of his background.