Former Fender CEO Bill Schultz passed away in his home on September 21st, aged 80 years old.

In 1985 the struggling Fender Electric Instrument Manufacturing Company was bought from CBS by its own employees, one of which was Schultz, president of FEI at the time. The company was renamed Fender Musical Instruments Corporation.

“Bill Schultz remade Fender at a time when it was not at all clear that the company had a future. Thanks to him, in 2006, that future looks very bright indeed” the company website states.

“I wonder if anyone but the real players will realize that we’ve lost a man that rescued Fender, a truly american luthier, from corporate disolution into “just a brand”. Guitar players worldwide will always be grateful for that” CrossDaily.com forum user, Digrieze, said.

Fender has an online tribute to Bill at http://www.fender.com/billschultz/