Longtime Warren Buffett business partner and Berkshire Hathaway Vice Chair has died at age 99. The company owns NetJets and Executive Jet Management.
Charlie Munger, vice chairman of Berkshire Hathaway, the owner of NetJets and Executive Jet Management, died earlier today at the age of 99.
Berkshire Hathaway bought NetJets in 1998 for $725 million.
The company also owns Executive Jet Management.
NetJets is the world’s largest private jet operator.
During this year’s annual meeting in Omaha, Nebraska, Munger responded to a question about the private jet company by praising current management.
During the shareholders’ meeting, he told a live broadcast audience on CNBC, “NetJets has been remarkable. You can argue it’s worth as much as any airline now.”
Berkshire Hathaway Chairman Warren Buffett joined Munger, adding about NetJets, “It’s in a class by itself. It’s done what Ferrari has done in a different sort of way in cars.”
Buffett credited Munger with having him focus on high-quality businesses at a fair price.
In a written statement, Buffett said, “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation.”