Kenny Dichter
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Kenny Dichter | |
|---|---|
| Born | January 16, 1968 |
| Citizenship | United States |
| Education | University of Wisconsin (B.A., 1990)[1] |
| Occupation(s) | Founder of Wheels Up, Entrepreneur |
Kenny Dichter (born January 16, 1968)[2] is an American entrepreneur and founder of publicly-traded private aviation company, Wheels Up.[3] He also co-founded Alphabet City Sports Records, Marquis Jet, and Tequila Avión.
Career
[edit]Alphabet City Sports Records
[edit]After graduating from the University of Wisconsin in 1990, Dichter founded Alphabet City Sports Records with friend Jesse Itzler.[4] The label focused on creating and selling songs that were frequently heard in sports stadiums and arenas.[5][6] The firm was eventually sold to SFX Entertainment in 1998 for $4.3 million in cash and stock.
Marquis Jet
[edit]Dichter founded Marquis Jet in 2001, the first fractional card jet program. By 2007, the firm was turning over more than $700 million per year from its 3,500 customers.[7] In November 2010, Dichter sold Marquis Jet[8] to NetJets, a subsidiary of Warren Buffett's Berkshire Hathaway.[9]
Tequila Avión
[edit]Tequila Avión, a brand of tequila, was founded by Dichter and Ken Austin.[10] The brand was named the 'Best Tequila in the World' and 'Best White Spirit in the World' at the 2012 San Francisco World Spirits Competition.[11] The company was acquired by Pernod Ricard for $100 million.[12]
Wheels Up
[edit]A few years after the sale of Marquis Jet, Dichter re-entered the private aviation industry by founding Wheels Up. Rather than a fractional card program, Wheels Up is a membership-based business that charges users per flight hour without spending requirements or time commitments.[13][14] In July 2021, Wheels Up became the first private-aviation company to publicly trade on the New York Stock Exchange.[15]
Dichter stepped down as CEO in May 2023[16] with a Securities and Exchange Commission Form 8-K showing that he will continue to receive his $950,000 annual salary for two years and that he will remain a director on the company board, among other pay and benefits on departure.[17] Prior to an August 2023 $500 million funding round by Delta Air Lines for Wheels Up, Delta’s CEO Ed Bastian noted that “Kenny Dichter has done a masterful job over the last decade building a high-quality brand, great experience, a lot of new members.”[18]
See also
[edit]References
[edit]- ^ "Awards - Kenny Dichter". University of Wisconsin. Retrieved 26 July 2019.
- ^ "Have Fun. Start Companies". The New York Times. December 10, 2006.
- ^ "Experience Matters". wheelsup.com. Retrieved 2016-06-15.
- ^ "Kenny Dichter '90". Wisconsin Alumni Association. 2008-03-01. Retrieved 2016-06-15.
- ^ Billboard. Nielsen Business Media, Inc. 1997-05-17.
- ^ Rosenthal, Seth. "The Tale of 'Go NY Go'". The Sports Section. Retrieved 2016-06-15.
- ^ "Marquis Jet founder Kenny Dichter resigns from NetJets". Aviation International News. Retrieved 2016-06-15.
- ^ Ginsberg, Leah. "How this founder convinced Warren Buffett to work with him—and built 2 multimillion-dollar businesses". CNBC. Retrieved 26 July 2021.
- ^ "Berkshire's NetJets buys Marquis Jet card company". Reuters. 2010-11-04. Retrieved 2016-06-15.
- ^ "This Marketing Strategy Was So Perfect, Customers Thought The Product Was Fake". HuffPost Live. Retrieved 2016-06-15.
- ^ "Tequila Avion Wins World's Best White Spirit, World's Best Tequila, Double Gold and Two Silver Medals at the 2012 San Francisco World Spirits Competition". www.prnewswire.com. Retrieved 2016-06-15.
- ^ "Pernod takes a $100M gulp of Tequila Avion". New York Post. Retrieved 3 October 2023.
- ^ "Membership". wheelsup.com. Retrieved 2016-06-15.
- ^ "INDIVIDUAL AND FAMILY". wheelsup.com. Retrieved 2016-06-15.
- ^ Singh, Pia (2021-07-14). "Wheels Up CEO looks to transform private jet industry as company goes public via SPAC". CNBC. Retrieved 2022-04-29.
- ^ "Wheels Up Founder Kenny Dichter Steps Down as CEO". Aviation International News. May 9, 2023. Retrieved May 9, 2023.
- ^ Phelps, Mark (11 May 2023). "Outgoing Wheels Up Exec's Exit Package Includes Salary, Flight Privileges". Mark. Archived from the original on 12 May 2023. Retrieved 12 May 2023.
- ^ "Wheels Up and Delta focused on growing corporate customers". Corporate Jet Investor. Retrieved 25 August 2023.