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William "Bill" Schultz, the man best known for his legendary business turnaround of the Fender brand name, passed away peacefully on Sept. 21 at his Scottsdale, Ariz. home.
In 1985, Schultz led an employee leveraged buyout of Fender Musical Instruments from then-owner CBS, Inc. The company, whose products include the Stratocaster, Telecaster, and Precision Bass guitars that have been played by musicians from around the world for more than 60 years, was in steady decline under CBS management, which had owned the company for two decades.
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 a 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 Corporation ("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 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.
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