On Monday, NetJets – Berkshire Hathaway’s luxury aviation company – said that its current CEO Jordan Hansell will step down as chief executive officer and chairman, and this is taking place right in the middle of a contract dispute that has lasted for more than two years.
The 44-year-old CEO has been in charge of the company since 2011, just two years after joining as general counsel at the Columbus, Ohio-based NetJets.
The 44-year-old Adam Johnson was just promoted as CEO and chairman effective immediately, and moves up from his role as president.
Bill Noe, 50 years old, has rejoined the company and has taken his place once again as president and COO. Noe held these positions not that long ago before leaving for General Electric Co.
It’s uncertain as to why Hansell left the company, and a spokesperson at NetJets refused to comment.
“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 endeavors,” said Johnson in a statement.
Net Jets is currently one of the smaller units at Berkshire Hathaway, and only generates around 2% of the overall revenue at the Omaha, Nebraska conglomerate, according to regulatory filings.
Berkshire Hathaway currently owns more than 80 businesses in industries including consumer goods, railroads, energy and insurance.