Fender Appoints Andy Mooney CEO, Following 1-Year Search
Fender Musical Instruments Corporation (FMIC) announced Tuesday that Andrew "Andy" P. Mooney has been appointed CEO. Mooney joins Fender from Quiksilver, Inc., where he was formerly president and CEO. His past experience also includes growing the global brands Disney Consumer Products and Nike, Inc.
According to a press release announcement, Mooney's addition will help drive the FMIC brands -- including Fender, Squier and Gretsch -- with an approach that puts "both seasoned and first-time musicians at the forefront."
Mooney's appointment comes after more than a year of Fender searching for a new CEO, having installed interim CEO Scott Gilbertson following former CEO Larry Thomas's retirement in May, 2014.
"As a longtime fan and user of Fender products, it's a dream come true to be asked to lead a brand and company that I personally have so much admiration for," Mooney said in a statement.
Mooney joined Quiksilver in 2013, succeeding the company's co-founder Bob McKnight. In March, he was terminated as CEO and replaced by 27-year Quiksilver veteran Pierre Agnes, who had been made president in November last year. Mooney's ousting came after Quiksilver reduced its guidance for the year and completed an investigation into its revenue-accounting practices, according to the Wall Street Journal.
Under Mooney's leadership, Quiksilver stock rose as high as $9 in 2013 but fell drastically below $2 leading up to his departure. Last year, he told analysts that the company's deteriorating wholesale revenue was largely to blame, as well as growing lower cost competition such as H&M.
At Disney Consumer Products before, Mooney spent 11 years -- first as president and then as chairman in 2003. There, he oversaw the company's worldwide licensing, publishing and retail businesses and helped triple retail sales to $36 billion, according to a press release. He also pioneered the $4 billion Disney Princesses franchise and established the Disney Fairies brand, as well as retail lines based on the Pixar Animation films Toy Story and Cars.
Servco Pacific Inc. and TPG Growth are the majority owners of Fender Musical Instrument Corporation, following Fender's acquisition from CBS in 1985. Servco is a privately held, Hawaii-based corporation primarily focused on automotive distribution and sales as well as specialty insurance brokerage. TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm.
"Andy has proven success in connecting consumers to brands," said Mark Fukunaga, chairman and CEO of Servco Pacific Inc. and co-chair of the FMIC board of directors, in a statement. "His personal passion for Fender guitars and the company's long and storied history makes him a great fit for our culture. We are tremendously excited to have an executive of Andy's caliber at the helm of Fender and we look forward to great success in the future under his leadership."
Added Bill McGlashan, founder and managing partner of TPG Growth and co-chair of the FMIC board, "Andy's appointment to the Fender executive team is a significant milestone for this revolutionary company that has transformed music worldwide. With more than 30 years of experience growing global brands, Andy understands how to drive innovation and introduce differentiated product offerings in the market, underscoring our commitment to propel the Fender brand forward. TPG and the Fender board of directors believe Andy's global business and consumer brand experience make him the perfect executive to lead Fender's next chapter of growth."