SCOTTSDALE, Ariz. (July 6, 2010) – Fender Musical Instruments Corporation (FMIC) is pleased to announce the appointment of Larry Thomas to Chief Executive Officer following the previously announced retirement of long‐time Chairman and CEO Bill Mendello (Read the PDF attached to this press release for the press release of Bills retirement). The announcement is part of a corporate succession plan that has been in place for nearly a year and officially positions Thomas in his new role, effective Aug. 1, 2010. Thomas was appointed to the FMIC Board of Directors in 2009 and brings nearly 40 years of music industry experience to FMIC, including his successful tenure (1996‐2004) as Chairman and CEO of Guitar Center, Inc.

The organizational move also names current FMIC Board members, Mark Fukunaga and Michael Lazarus as Co‐Chairmen, effective Aug. 1, 2010. Mark Fukunaga has served as a member of the FMIC Board of Directors since July 1993 and is currently the Chairman and CEO of Servco Pacific Inc. Michael Lazarus has served as a member of the FMIC Board of Directors since December 2001. Lazarus co‐founded Weston Presidio, a private equity firm and FMIC’s largest shareholder, in 1991, where he currently serves as Managing Partner.
“Larry Thomas is a proven entrepreneur and seasoned professional manager with an impressive record of success throughout his entire career,” said Lazarus.
“We are very excited about our opportunity to work closely with Larry as he continues to build the FMIC culture and lead the FMIC team into the future,” said Fukunaga.
“I am delighted to be able to pass the leadership of FMIC into the very capable hands of Larry Thomas,” said Mendello. “Larry is a widely‐respected person with an incredible amount of experience and valuable insight about music companies and music retailers, large and small. He is one of the true legends in the industry and brings the credentials that will help lead FMIC to even greater future success.”
“It is an incredible honor and responsibility to be chosen to lead Fender Musical Instruments Corporation,” said Thomas. “As one of the world’s best known and most respected companies, there continues to be great potential in the FMIC brands, and I look forward to contributing to future success while growing the company’s powerful musical legacy.”
Thomas began his career in 1971 with instrument wholesaler/importer Buegeleisen and Jacobson, Inc. He joined Guitar Center in 1977 as a salesperson, subsequently rising through increasingly responsible roles including store manager, regional manager, general manager, president and ultimately chairman and CEO. At Guitar Center, he played an integral role in the company’s continued growth, acquisitions and subsequent public offerings, and eventual status as the largest, most popular music chain in North America.

Thomas is a passionate music fan and advocate, an active lifelong musician, and participates on several music‐related boards, including the Fender Music Foundation, USC Thornton School of Music, the American Music Conference and the California Music Project.

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Fender Musical Instruments Corporation (FMIC) Chairman and CEO Bill Mendello Announces PlannedRetirement After More than 30 Years of Service and Leadership Mendello departs with legacy of leading FMIC to become the number one music products company in the US. Succesor in place and to be announced at later date.

SCOTTSDALE, Ariz. (June 29, 2010) – Following more than 30 years of service to Fender Musical Instruments Corporation, long-time Chairman and CEO Bill Mendello announced that he will retire
from his position later this year.
A corporate succession plan has been in place for nearly a year in anticipation of this planned retirement and Mendello will remain on FMIC‟s Board of Directors. Following an extensive candidate search, a successor to the position of CEO was recently appointed by the Board of Directors and will be announced at a later date.
“I have been uniquely privileged to call Fender my „second family‟ for over 30 years. Now, after a 45 year career, I am looking forward to spending more time with my family, traveling and pursuing personal interests,” said Mendello. “I am very proud of the work I have accomplished and the people I have come to know in this industry and I am especially happy to be able to retire with a great amount of confidence in the company‟s future.”
“I have admired and respected the hard work and great results that Bill Mendello has consistently delivered throughout his career at Fender and believe his contributions to the success of the company cannot be overstated,” said Mark Fukunaga, longtime FMIC Director and Vice Chairman of the Board.
“Now that the year long succession planning process and CEO search has concluded, we are pleased to be able to offer Bill our immense gratitude. Bill has proven to be a successful and important figure in Fender history and on behalf of everyone in the company, I thank him for his dedication and wish him the very best in his retirement,“ Michael Lazarus, FMIC Director and Managing Partner of Weston Presidio, FMIC‟s largest stockholder.

Mendello‟s career in the music industry began in 1977, when he joined CBS Musical Instruments Division as the Vice President and Controller. This division then included such well-known brand names as Steinway (pianos), Rodgers (organs), Gemeinhardt (flutes), Lyon & Healy (harps) and, of course Fender. In 1981, Mr. Mendello relocated when the Division moved to Fullerton, Calif. and was appointed Senior Vice President of Fender. On March 12, 1985, Mendello was a key figure in completing a leveraged buy-out of Fender Musical Instruments from CBS, Inc. to create the newly named Fender Musical
Instruments Corporation (FMIC). Following the buyout, Mendello was part of the management team and was later named President and Chief Operating Officer of FMIC. From a small general office and warehouse in Brea, Calif., and a single manufacturing facility in Corona, Calif., FMIC has since grown to include state-of-the-art manufacturing facilities in two countries, and sales and marketing offices around the globe.

Mendello was appointed Chairman of the Board and Chief Executive Officer of FMIC in 2005. With his depth of experience, and unique ability to understand and solve complex issues associated with all aspects of the business, Mendello has proven to be a universallyrespected and admired leader of the iconic FMIC family of brands. During his time in leadership at FMIC, he has helped bring the company to new heights of visibility, profitability, and brand equity while continually advancing the quality and prestige
associated with the Fender name.

In recent years, Mendello led the efforts that resulted in the successful acquisition of Kaman Music Inc. (now KMC Music Inc.), the largest independent U.S. distributor of musical instruments and accessories. KMC Music produces and/or distributes Ovation®, Takamine® and Hamer® guitars; Latin Percussion®, Gretsch® Drums, Gibraltar® Hardware, Toca® Percussion, Sabian® cymbals and Genz Benz® amplifiers; in addition to a full catalog of more than 36,000 wholesale music products.
At the end of 2008, FMIC was for the first time recognized by The Music Trades magazine as the largest U.S. music and audio supplier in a study based on annual sales ranking. The company topped the list again in 2009 and remains well-positioned to maintain its industry leader status.