Richard Santulli
{{Short description|American businessman (born 1944)}}
{{Use mdy dates|date=May 2025}}
{{Infobox person
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|birth_date= {{Birth date and age|1944|8|14}}
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|occupation=Chairman of Milestone Aviation Group
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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.{{Cite web| url = http://www.milestoneaviation.com/about/richard-santulli/|title= Richard Santulli Chairman |publisher= Milestone Aviation Group}}
He is best known for pioneering the concept of fractional jet ownership with NetJets, a company he developed in 1986. Santulli was once considered a possible successor to Warren Buffett at Berkshire Hathaway.{{Cite web| url = https://www.bloomberg.com/news/2010-08-04/buffett-protege-santulli-back-in-aviation-with-helicopter-fund.html|title= Buffett Protege Santulli Back in Aviation With Helicopter Fund|author= Andrea Rothman |publisher= Bloomberg Businessweek|accessdate = August 4, 2010}}
Early life and education
Richard T. Santulli was born in Brooklyn, New York on August 14, 1944. Santulli studied at the New York University Tandon School of Engineering, earning B.S. and M.S. degrees in mathematics, as well as a master's degree in industrial engineering.{{Cite episode| title=Richard Santulli | series=Beyond the Boardroom| url= https://www.cnbc.com/id/21377515/| archive-url= https://archive.today/20130119154839/http://www.cnbc.com/id/21377515/| url-status= dead| archive-date= 2013-01-19| station= CNBC| airdate = January 6, 2009}}{{cite web |url=http://insurancenewsnet.com/oarticle/50-wealthiest-new-jerseyans |title=50 Wealthiest New Jerseyans - InsuranceNewsNet |website=insurancenewsnet.com |url-status=dead |archive-url=https://web.archive.org/web/20160304083606/http://insurancenewsnet.com/oarticle/50-wealthiest-new-jerseyans |archive-date=2016-03-04}}
Career
Santulli's first job after graduating was with Shell Oil Company.
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.{{Cite web| url = http://www.executivejetmanagement.com/about_us/default.asp |title= Company Overview |publisher = Executive Jet Management}}
In July 1998, Warren Buffett's Berkshire Hathaway Inc. announced that it was buying NetJets for $725 million in stock and cash.{{Cite web| url = http://www.rationalwalk.com/?p=8811|title= Sokol Restores NetJets to Profitability But Not Without Controversy|date= 2 August 2010|publisher= The Rational Walk|accessdate = August 2, 2010}} 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.{{Cite web |url=https://www.forbes.com/global/1999/1101/0222104a.html |title= The great Santullis |author= Lawrence Minard |work= Forbes.com |date=November 1, 1999}} Santulli stayed on as chairman and CEO 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.{{Cite press release | title = Richard Santulli and Michael Goodman Join Loan Value Group | publisher = RH Reward | date = December 21, 2009 | url = http://www.rhreward.com/pressreleases}}
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.{{Cite web| url =http://breederscup.com/bio.aspx?id=3577 | title= Breeders' Cup Bios: Jayeff B Stables | publisher =Breeders' Cup |accessdate =March 12, 2012 }} Santulli is also a trustee of the New York Racing Association, a steward of The Jockey Club and a member of the Breeders' Cup's board of directors.{{Cite web |url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=2827353&privcapId=111308201|title=Executive profile: Richard T. Santulli |accessdate=2011-10-04 |magazine=Businessweek}}
Philanthropic involvement
Santulli serves as co-chairman of The Intrepid Sea-Air-Space Museum board of directors{{Cite web| url = http://www.intrepidmuseum.org/About-Us/About-The-Museum/Co-Chairmen-s-letter.aspx | title=Co-Chairmen's letter | publisher = IntrepidMuseum.org}} and chairman of the board for The Intrepid Fallen Heroes Fund.{{Cite web| url = http://www.fallenheroesfund.org/About-IFHF/Chairman-s-Message.aspx | title= Chairman's Message | date= February 2017 | publisher = FallenHeroesFund.org}} 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.{{Cite web| url = http://www.mercyhomeny.org/history.html | title= Mercy Home, Our History| publisher = MercyHomeNY.org}}
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.{{Cite web| url = http://www.agassifoundation.org/colts-neck-stables-llc/| title= Advisory Board Members: Richard Santulli| publisher = Children's Educational Foundation, Andre Agassi Foundation}}
Award and honors
References
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Category:American airline chief executives
Category:New York Racing Association executives
Category:Polytechnic Institute of New York University alumni