William "Bill" Schultz, the man best known for his
legendary business turnaround of the iconic Fender(R) brand name,
passed away peacefully on Thursday, Sept. 21, at his Scottsdale,
Ariz., home in the presence of his loving family.
In 1985, Schultz led an employee leveraged buyout of Fender
Musical Instruments from then-owner CBS Inc. The company, whose
products include the Stratocaster(R), Telecaster(R) and Precision
Bass(R) guitars that have been played by musicians from around the
world for more than 60 years, was in steady decline under CBS
management.
Schultz and his team set out to restore the company's former
glory, and in the 20 years under his direction, they had taken it from
a small general office and warehouse in Brea, Calif., to its current
position as the global industry leader, with state-of-the-art
manufacturing facilities in two countries and offices around the
world. Schultz also served as chairman of the board for Fender Musical
Instruments Corp. ("FMIC"). In the days to come, the FMIC board of
directors will name a successor.
Said William Mendello, the current CEO of Fender and long-time
friend of Schultz, "It is hard to imagine where Fender would be
without the vision, passion and belief of Bill Schultz. He led one of
the greatest turnarounds in American business history, and I will
always be inspired by his leadership, his role as a guiding force in
the success of Fender, and his unwavering friendship throughout the
years."
Schultz's death comes as a result of a 17-year battle with cancer.
He was 80 years old.
Schultz is survived by his beloved wife of 61 years, Mary Jane
Schultz, his children Kathi Knop, Karen Thomas and her husband Ralph
Thomas, his grandchildren Christopher Knop, Jeffrey Thomas and his
wife Melissa, Marianne Thomas, Natalie Thomas, Julie Thomas and
Meredith Thomas, and his two great-grandchildren, Kate and Emily
Thomas.
The Schultz family will hold a private memorial service in the
coming days for immediate family only. It has been requested that
flowers not be sent. In lieu of flowers, the Schultz family will be
providing a list of charities that pay respect to Bill's life as well
as respect the family's wishes. For more information, please visit
www.fender.com/billschultz.
For a high-resolution image, please visit
www.fender.com/billschultz/image.jpg.
