Michael J. “Mike” Silvestro is the chief executive officer (CEO) of Directional Aviation's private fractional aviation travel businesses, which include Flexjet and Flight Options two of the world's three largest fractional jet companies.
Michael Silvestro | |
|---|---|
| Alma mater | University of Notre Dame |
| Occupation | CEO |
| Employer | Flexjet |
| Spouse | Mary Lynn Silvestro |
Early life and career
editSilvestro (born 1958)[1] grew up in Lyndhurst, Ohio, where he played football at Charles F. Brush High School, from which he graduated in 1976. Silvestro is an alumnus of the University of Notre Dame, where he earned a bachelor's degree in marketing.[2]
At Notre Dame, he played football, and was only one of two non-scholarship players in his freshman class. He was coached by Daniel “Rudy” Ruettiger, the Notre Dame football player whose story inspired the movie Rudy. In 1979, Silvestro was on the Dan Devine-coached Notre Dame team that won the Cotton Bowl Classic 35–34 with a dramatic, last-second comeback led by quarterback Joe Montana.[3][4]
After graduating from Notre Dame, Silvestro began his career at Owens Corning Fiberglass and then founded Spectrum Sports, a supplier of innersoles for athletic shoes.[5] This launched a career in the footwear and sporting goods industries, where he spent 18 years. He founded several companies whose products ranged from high-technology polymer technology for athletic footwear to celebrity-endorsed, personal products. Silvestro also invented or co-invented products such as an advanced shin guard for protection in football and other contact sports that was patented in 1984.[6]
Aviation career
editSilvestro began his aviation career at Flight Options in 2000, which his former Notre Dame roommate Kenn Ricci[7] had founded in 1998. Silvestro served Flight Options as Vice President of Sales and Marketing from 2000 to 2005,[8] helping to pioneer the company's approach of selling fractional shares in refurbished as well as new aircraft.[9] During his tenure, he helped to build Flight Options into the industry's second-ranked company, with more than 200 aircraft and several thousand fractional and jet card customers.[10]
Silvestro, who holds a private pilot's license, left Flight Options after Raytheon Travel Air's investment that ultimately led to its acquiring majority control of the company.[11] Silvestro held a senior position with fractional provider CitationShares from 2005 to 2008.[12]
Silvestro returned to Flight Options as CEO in 2008 after its acquisition by Directional Aviation,[13][14][15] and helped to lead its recovery after the recession of 2008–09.[16][17] Flight Options saw a 467 percent increase in fractional jet sales and a 46 percent increase in jet card sales during the first quarter of 2011, compared to the same period in the previous year, part of four consecutive years of improved financial results.[18][19][20] In 2012, Flight Options saw sales increase 30 percent year over year, with a 70 percent increase in sales to owners who left a competing brand.[21]
During 2009–12, Silvestro also helped modernize the Flight Options fleet with a mix of new and refurbished aircraft. In 2011, Flight Options received delivery of more business jets than any operator worldwide.[22] These included such innovative planes as the Embraer Phenom 300 executive jet, making Flight Options the first fractional provider in the world to offer that aircraft.[23] It also included the Nextant Aerospace 400XT, the world's first completely remanufactured business jet.[24]
During a period in which financing was difficult to obtain, Silvestro also pioneered innovative approaches to funding aircraft purchases, contributing to the team that assembled the Banco Nacional de Desenvolvimento Econômico e Social (BNDES) financing for the Phenom 300, which was named Corporate Jet Investor Deal of the Year in 2012.[25]
In 2013, Silvestro also became CEO of Flexjet[26] after its acquisition from Bombardier Aerospace by private aviation company Directional Aviation.[27] Silvestro also is a shareholder of the flying companies under Directional Aviation, whose principal is Kenn Ricci, the chairman of both Flight Options and Flexjet. Silvestro currently is the longest-serving CEO in the fractional jet industry.
At Flexjet, Silvestro managed a complete update and diversification of the company's fleet. Under Bombardier ownership, the fleet consisted solely of that company's aircraft; after the acquisition by Directional Aviation, Flexjet continued to purchase Bombardier Challenger, Learjet and Global Express aircraft[28][29] but also placed orders with Gulfstream,[30] Embraer[31] and Aerion.[32] Flexjet has placed firm orders with options with a total potential value of more than $8 billion.
Silvestro also launched other initiatives at Flexjet, including its Red Label premium offering, which has several features unique to the fractional market including flight crews dedicated to a single aircraft; custom cabin interiors; and the world's youngest fractional jet fleet.[33] He also implemented Global Access, which offers access to large-cabin aircraft for long-distance travel, especially intercontinental trips.[34] Flexjet also expanded international travel options, especially to Europe.[35] Additionally, Flexjet began operating private terminals at select airports to increase customer appeal.[36]
Under Silvestro, Flexjet experienced 20 percent growth in new business in 2016 compared to 2015, with 50 percent of the new business coming from customers who earlier had flown with another fractional private jet company. Moreover, business generated through referrals from existing Flexjet Owners grew 23 percent in 2016 versus 2015.[37]
Silvestro has appeared on TV, radio and digital outlets including CNBC[38] (both the Street Signs[39] and Closing Bell[40] programs), Wall Street Journal Digital Network,[41] MarketWatch Radio, Fox Business Network[42] and Bloomberg Television[43] and has been quoted in such print media outlets as Barron's PENTA,[44] The Financial Times[45] and The Robb Report,[46] and he also appears on local[47][48] and industry media.[49]
In 2023, Silvestro was honored with the Living Legends of Aviation Lifetime Aviation Industry Award, reflecting contributions to the field over an entire career.[50]
Personal life
editSilvestro is married to Mary Lynn Silvestro, his wife whom he married in 1982. They have four children, two sons as well as two adopted children from Rwanda.[51] [52] Silvestro is a member of the Board of Trustees of Ursuline College[53] and the Achievement Centers for Children.
References
edit- ^ Pacesetters '91(athletic show industry executives set the pace for years to come), "Sporting Goods Business", July 1, 1991
- ^ What's Trending in Luxury," Barron's Top Advisor, September 26, 2013
- ^ "1979 Cotton Bowl - Houston vs. Notre Dame]." CBS, January 1, 1979
- ^ Pacesetters '91(athletic show industry executives set the pace for years to come), "Sporting Goods Business", July 1, 1991</
- ^ Pacesetters '91(athletic show industry executives set the pace for years to come), "Sporting Goods Business", July 1, 1991
- ^ “Patent abstract: Shin Guard and Method of Making,” patented by Michael J. Silvestro and Kenneth B. Leighton; published November 27, 1984
- ^ “Questions for Michael J. Silvestro,” by William Garvey, Aviation Week Network, August 1, 2015
- ^ "Ricci Back in Left Seat at Flight Options," by Chad Trautvetter, AIN Online, July 22, 2008
- ^ “Ups And Downs of Fractional Aircraft Ownership,” by Mark Patiky, Forbes, October 8, 2013
- ^ "Flight Options Press Kit," accessed March 31, 2017
- ^ “Raytheon takes majority control of Flight Options,” by Gordon Gilbert, AIN Online, July 28, 2008
- ^ Flight Options replaces top leadership," by Randy Roguski, The Cleveland Plain Dealer, July 22, 2008
- ^ Flight Operations Prepares to Expand,” by Jay Miller, Crain’s Cleveland Business, August 11, 2008
- ^ "Michael 'Mike' Silvestro, Chief Executive Officer, Flight Options LLC," on Bloomberg Profiles
- ^ “Kenn Ricci Back at Flight Options,” Business Jet Traveler, August 1, 2008
- ^ "Mike Silvestro of Flight Options Talks About Growth," by Nick Copley, Sherpa Report, February 26, 2013
- ^ "Mike Silvestro of Flight Options Supports Transparency During Hard Times: Talk with the Boss," by Alison Grant, The Cleveland Plain Dealer, January 3, 2010
- ^ “Flight Options Says Wealthy Clientele Returning to Skies,” by Alison Grant, The Cleveland Plain Dealer, April 12, 2011
- ^ Flight Options Reports Strong First Quarter Growth and Operating Metrics,” Flight Options news release, April 12, 2011
- ^ “Building on Three Straight Record-Breaking Years, Flight Options Plans for Continued Industry Leadership in 2012,” Flight Options news release, February 9, 2012
- ^ “Loyal Clients, New Aircraft Deliveries Fuel Growth at Private Aviation Leader,” Flight Options news release, February 20, 2013
- ^ “Building on Three Straight Record-Breaking Years, Flight Options Plans for Continued Industry Leadership in 2012,” Flight Options news release, February 9, 2012
- ^ Deal of the Year 2012: BNDES $175 million financing for Flight Options,” by Alasdair Whyte, Corporate Jet Investor, February 9, 2012
- ^ “Nextant delivers first 400XT to Flight Options,” by Terry Spruce, Corporate Jet Investor, October 11, 2011
- ^ Deal of the Year 2012: BNDES $175 million financing for Flight Options,” by Alasdair Whyte, Corporate Jet Investor, February 9, 2012
- ^ “Flexjet, Flight Options Realign,” by Kerry Lynch, AWIN First, October 22, 2014
- ^ “Got Learjets? Flexjet Buys Dozens More,” by Stephen Pope, Flying Magazine, October 22, 2013
- ^ Flexjet Changes Ownership, Places Record Breaking Order by Pia Berggvist, Flying, September 6, 2013
- ^ Got Lear Jets? Flexjet Buys Dozens More. by Stephen Pope, Flying, October 22, 2013
- ^ Gulfstream Confirms New Business Jets: G500 and G600 Unveiled After Years of Secrecy Over Project,” by Jon Ostrower, The Wall Street Journal, October 14, 2014.
- ^ Flexjet Adds Embraer Legacy 450 to Fractional Fleet,” by Kerry Lynch, AIN Online, August 15, 2016
- ^ "Flexjet Order For 20 Supersonic Jets Boosts Aerion,” Aviation Week. Retrieved 18 November 2015
- ^ Red Label Raises the Ante,” by Tony Velocci, Forbes Brand Voice, September 18, 2015
- ^ “Flexjet Officially Rolls Out Global Access Program,” by Chad Trautvetter, AIN Online, March 30, 2016
- ^ “Flexjet Lands in Europe With Plans to Expand Charter Service – AINtv,” May 24, 2016
- ^ "Flexjet opens private terminal in Naples," Naples Daily News, February 26, 2016
- ^ "Booming business at Flexjet," Fly Corporate, March 2, 2017
- ^ "All Eyes on Tiger Woods as Masters Golf Tournament Tees Off," by Brian Shactman, CNBC, April 10, 2013
- ^ "Masters Economy in One Word: Booming," by Jessica Golden and Brian A. Shactman, CNBC Street Signs, April 12, 2013
- ^ "Mike Silvestro talks about the Masters and the "Tiger Woods effect" on private jet travel," CNBC Closing Bell, April 12, 2013
- ^ "Flying Fractional to Win Business," WSJ Video, March 21, 2011
- ^ "Flexjet CEO on private flying activity, drone safety," Fox Business "Countdown to Closing Bell," June 24, 2016
- ^ "Flexjet CEO: Why We're Buying 50 Gulfstream Jets," "Taking Stock with Pimm Fox," Bloomberg Television, December 3, 2014
- ^ "Flexjet Takes On NetJets," by Mark Huber, Barron's PENTA, June 18, 2016
- ^ "Jet operators report turnaround in fortune s," by Rohit Jaggi, The Financial Times, April 14, 2011
- ^ "Special Deliveries," by Shaun Tolson, The Robb Report, September 1, 2015
- ^ "Ohio Business Talks, featuring Mike Silvestro, CEO of Flight Options," July 25, 2012
- ^ "Flight Options prepares to expand," by Jay Miller, Crain's Cleveland Business, August 11, 2008
- ^ Questions for Michael J. Silvestro,” by William Garvey, Aviation Week Network, August 1, 2015
- ^ "Flexjet CEO lands big career achievement award," by Scott Suttell, Crain’s Cleveland Business, January 24, 2023
- ^ "Hudson families welcom Rwandan orphans," by Jewell Cardwell, the Akron Beacon Journal, October 7, 2011
- ^ "Welcome Home," by Stephanie Fellentstein, Hudson Monthly
- ^ "List of members of 2014-15 Board of Trustees," Ursuline College