Boeing Business Jets (BBJ) are versions of Boeing's jet airliners with modifications to serve the private, head of state and corporate jet market. In 1996, Phil Condit, president of The Boeing Company, and Jack Welch, chairman and CEO of General Electric, sketched out their ideal business jet– a high-performance derivative of the 737 Next Generation, capable of flying more than 6,000 nautical miles nonstop and offering more cabin space than traditional long-range business jets. The first BBJ, based on the 737-700, rolled out on July 26, 1998 and had its first flight Sept. 4, 1998.