William C. Schultz Steps Down as Fender CEO

Fender Musical Instruments Corp. (FMIC), has announced that as of April 1, 2005, William (Bill) C. Schultz has stepped down as chief executive officer of the company, a position that is to be filled by current president and chief operating officer, Bill Mendello.

Together, Schultz and Mendello (photo) completed a leveraged buy-out of Fender Musical Instruments, then a division of CBS Inc., in March of 1985. Since that time they have rebuilt the once-struggling company by restoring its legendary status among musicians and music enthusiasts alike, and today FMIC is the undisputed world leader in musical instruments.

Schultz will maintain his position as chairman of the board of directors of FMIC. In addition, he will serve as chairman of a newly formed FMIC International Advisory Committee and he will also continue to serve FMIC in an advisory capacity.

Citing the desire to spend more time with his family as part of his decision, Schultz also added that, "At the age of 78 years, I have done everything I had set out to accomplish and that I have reached the pinnacle of my career. This is a natural progression in business, and I have every confidence that FMIC's day-to-day operations are in very capable hands."

As of April 1, 2005, Bill Mendello will assume his role as chief executive officer of FMIC, taking over the day-to-day operations. A musical instrument industry veteran and business partner of Bill Schultz for more than 25 years, Mendello has been an integral force behind FMIC's success and steady growth in both the domestic and international markets.

Said Schultz, "Bill (Mendello) has served FMIC loyally for more than 20 years. I have complete confidence in his ability and understanding of the business and the importance in maintaining our valuable relationships. I also know that Bill has the best team of management professionals in the musical instrument industry, and I know that each of them will remain committed to continuing the mission of the company and to providing world-class products with unwavering loyalty."

Related Link

Fender Musical Instruments Corporation (FMIC) Celebrates 20th Anniversary