Fractional share and jet card provider Flexjet will increase pilot ranks by 25% this year
Directional Aviation’s Flexjet LLC, a leading provider of fractional jet ownership, leases and jet cards, announced today “substantial salary increases” for Red Label pilots, making them, according to the company, the highest paid in the industry. Red Label pilots’ total compensation is greater than that of competitors by 25% or more, Flexjet said in a press release received by Private Jet Card Comparisons. Red Label by Flexjet is the carrier’s premium offering.
Part 91 flying saw a 4.1% increase, followed by a 1.3% gain for Part 135 (jet cards and on-demand charter) and 0.6% for fractional ownership programs
ARGUS International’s TRAQPak monthly report showed a 2.6% year over year gain in terms of flight activity powered by an 11.8% increase in Part 134 large jet flights. Part 135 represents flying through jet card programs and on-demand charter. In terms of fractional ownership, Midsize jets saw a 7.9% boost, however large jet flights dropped by 19.9%. TRAQPak didn’t provide any commentary for what drove the numbers.
In 2017 Ricci made a $100 million gift to Notre Dame. Other honorees include Michael Bloomberg, Bill and Melinda Gates and George Clooney
Kenn Ricci has been named one of Town & Country magazine’s Top 50 Philanthropists. The announcement took place earlier this week during a conference held at the company’s Hearst Tower headquarters in New York. The topic will be the subject of the magazine’s June/July Philanthropy Issue. Ricci is principal at Directional Aviation which controls several aviation companies, including Flexjet, Sentient Jet, Skyjet and Nextant Aerospace. The honor comes after Ricci created a groundbreaking giving structure called a Philanthropic Succession Partnership (PSP) to donate $100 million to the University of Notre Dame, the single largest unrestricted, guaranteed gift ever committed to the University.
President Bill Clinton, Lin-Manuel Miranda, Bradley Cooper and Karlie Kloss are among the speakers at the fifth annual T&C Philanthropy Summit
Flexjet, which sells fractional shares, leases and jet cards, is joining title sponsor U.S. Trust, Bank of America Private Wealth Management and City of Hope, De Grisogono, Flexjet, and 1 Hotels & Baccarat Hotels at the luxury lifestyle magazine’s fifth annual philanthropy confab. Hamilton’s Lin-Manuel Miranda, a Pulitzer Prize, Tony-, Emmy-, and Grammy Award-winning composer, lyricist, and actor is headlining the event being held today.
The two biggest players in fractional jet ownership have different approaches to the jet card segment
The vast majority of jet cards are marketed by charter brokers, however, two of the most prominent names in the jet card space – NetJets and Flexjet – are in fact fractional aircraft operators with their principal business selling fractional shares and leases in whole aircraft. Fractional ownership entails a commitment of three to 10 years whereas, with jet cards, we have seen programs with commitments starting as few as 10 hours and $25,000.