The victims were identified as northern Michigan residents Joe Pann, in his late 20s, and Tom Phillips, in his late 50s, the TV station said.
Detroit's WXYZ-TV reported the single-engine Piper Saratoga left St. Ignace, Mich., and was to have reached Mackinaw Island about 8 p.m. Saturday. The flight is only about 4 1/2 miles and usually takes about 6 minutes.
The Coast Guard said it was contacted by Michigan State Police shortly after 10 p.m. after a concerned family member reported the men were overdue.
WWMT-TV, Kalamazoo, Mich., reported search-and-rescue crews found the wreckage on shore about 3 miles north of St. Ignace.
MSNBC said Phillips was a general manager with Amazon.com's Amazon Web Services. Phillips, who joined Amazon this year after several years with Microsoft, oversaw its Windows Elastic Compute Cloud service.
No further information was available about Pann.
Investigators were trying to determine why the plane went down.