“"I've got a list of corporations that have gotten out of their airplanes [because of criticism from politicians]. It is the stupidest thing I've ever seen. When you look at the time and cost savings; it does not make sense not to fly [privately]. You can't let public perception interfere with your business decision to fly. It either is a good business decision or it isn't."”
Teddy Forstmann, Who Revived Gulfstream, Dies at 71
Theodore Forstmann, the private equity investor credited with turning around Gulfstream Aerospace, died Nov. 20 at age 71. His investment firm, Forstmann Little & Company, acquired Gulfstream in 1990 for $800 million. When the Savannah, Ga.-based aircraft manufacturer began experiencing financial difficulties, Forstmann took a hands-on approach and appointed himself chairman and CEO. During his seven-year tenure, he revamped the management team, created new product lines, introduced aircraft fractional ownership and launched the then-flagship GV. Forstmann sold Gulfstream to General Dynamics for $5.6 billion in 1999. In addition to being a founding partner of Forstmann Little, he was chairman and CEO of IMG, a global sports and media company.