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Fender hits the right notes
Photograph by Henry Diltz, courtesy Fender
The Inside the Mind of the CEO interview series explores a wide range of critical decisions faced by chief executives around the world. For more insight, see PwC’s CEO Survey.
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. 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. When lockdowns began last year in March, Fender CEO Andy Mooney went into belt-tightening mode, canceling orders; shuttering its headquarters in Scottsdale, Ariz., and Los Angeles; closing factories in Corona, Calif., and Ensenada, Mexico; and furloughing production workers.