Succession at Berkshire Is Minor Concern for NetJets’ Chief

OMAHA â€" Many of the questions at Berkshire Hathaway‘s annual shareholder meeting here dwelled on what life after Warren E. Buffett will look like.

But for the chief executive of NetJets, that’s one of the least of his concerns, only “rarely” considering the issue.

That attitude presents a stark contrast from perhaps the most asked-about matter at this year’s meeting, even as Mr. Buffett showed little sign of slowing down. Douglas A. Kass, the hedge fund manager tasked with asking especially critical questions, evinced concern that a Buffett-less Berkshire would need to become more centrally operated, or possibly even break up.

But NetJets’ chief, Jordan Hansell, said that he enjoys a long leash â€" he meets with Mr. Buffett only about once a quarter â€" and has little fear that Berkshire will change dramatically under new leadership.

“Warren and Charlie have consistently held the view that Berkshire will remain the same,” he told DealBook in an interview on Saturday. “The most I think about it is at the annual meetings.”

Other than the focus on succession, Mr. Hansell said that Berkshire’s meeting this year closely resembled every one he has gone to since joining NetJets four years ago.

Perhaps the most noticeable change was a relative freedom from the controversies of recent years, including the stormy departure of David L. Sokol, Mr. Hansell’s predecessor at NetJets and a former chief of MidAmerican Energy Holdings.

“The level of discourse is different this year,” Mr. Hansell said. “Warren and Charlie were focusing on the business.”

Instead, Mr. Buffett largely touted the performance of Berkshire’s hundreds of companies, as the company posted a 50 percent year-over-year jump in first-quarter profit. 

Among them is NetJets, the biggest provider of fractional private jet ownership. Mr. Hansell said that his company was performing well and continued to expand, including by finally taking possession of the first Embraer jets in the company’s Signature Series of planes.

Though he is largely confident about improving economic conditions around the world, he conceded that Europe’s ongoing woes would make the region a struggle for some time. 

NetJets is also in the midst of seeking approval by Chinese regulators to begin operating a joint venture in that country, in what Mr. Hansell said could ultimately be an “outstanding” opportunity for the company. The business is expected to begin running early next year.

“It’s going slower than I’d like, but I’m told that it’s actually fast by Chinese standards,” he said.