NetJets Inc, the fractional aircraft ownership firm, announced on Tuesday that its Chairman, chief executive and founder Richard Santulli is resigning.

Santulli said he decided to step down from the Chairman and CEO positions effective immediately “in order to spend some more time with my young family and pursue other interests.”

He said he would remain as a consultant to the company for the next 12 months. Warren Buffett, the Chairman of parent company Berkshire Hathaway said it has appointed David Sokol, the current chairman of Berkshire subsidiary MidAmerican Energy Holdings, to replace Santulli at both positions.

Santulli said he informed NetJets owner Warren Buffett of his decision Tuesday morning.

“It is with reluctance that I accept Richard’s decision to step down,” Buffett said in a released statement, adding that parent company Berkshire Hathaway “wish Richard well in this transition.