Within weeks, the app attracted nearly 800,000 first-time players. Then, in what Mooney described as a goodwill gesture, the private company - majority owned by Hawaii-based Servco Pacific Capital and Tokyo-based Yamano - offered Fender Play, its subscription-based online platform for learning guitar, bass, and ukulele, free for 90 days. When lockdowns began last year in March, Fender CEO Andy Mooney went into belt-tightening mode, canceling orders shuttering the company's headquarters in Scottsdale, Ariz., and Los Angeles closing factories in Corona, Calif., and Ensenada, Mexico and furloughing production workers. That’s beautiful music to Fender Musical Instruments Corporation, the market leader in the US$8 billion stringed instruments market, especially after it initially looked like 2020 was going to be a bust. Nearly a year into the COVID-19 pandemic, millions of us have taken up new hobbies, such as baking bread, bicycling, bird-watching - and playing guitar. The Inside the Mind of the CEO interview series explores a wide range of critical decisions faced by chief executives around the world. Photograph by Henry Diltz, courtesy FenderĪ version of this article appeared in the Summer 2021 issue of strategy+business.
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