Fender has rung in the changes for the New Year, announcing that CEO Andy Mooney is to step down after a decade with the company. In his place comes Edward “Bud” Cole.
The sitting president of Fender Asia Pacific (APAC), Cole is responsible for having successfully expanded Fender Musical Instruments Corporation’s (FMIC) operations throughout the region, deepening Fender’s and Fender-owned brands’ ties with artists and dealers, and establishing Fender’s flagship retail space in Harajuku, Tokyo.
“To lead Fender is the honour of a lifetime,” says Cole. “This brand has been a part of my life since childhood, and I’m committed to ensuring Fender continues to empower players everywhere, from beginners picking up their first guitar to the artists shaping the sound of today and tomorrow. Together with our global teams, partners, and loyal community of players, we will write the next era of Fender’s history.”
For Andy Mooney, it is the end of an era, and a hugely successful one. Under Mooney’s leadership, FMIC has more than doubled in size.
“Leading Fender has been a highlight of my career,” says Mooney. “I’m deeply grateful for the creativity and commitment of the Fender teams around the world and proud of what we’ve accomplished. I’m excited to pass the baton on to Bud and confident that under his leadership, Fender will continue to inspire players for generations to come.”
Upon joining Fender in 2015, Mooney’s challenge was clear. The company lacked a defined mission statement. CMO Evan Jones conducted a research campaign that gave Mooney and the board food for thought.
Almost half of all guitars sold (45 per cent) were bought by a new player – higher than was thought. The problem was that 90 per cent abandoned the instrument. If Fender could reduce the abandonment rate, the was considerable room for growth.
“The 10 per cent who stuck with it, the salmon that made it through the dam as it were, had a lifetime value of $10,000. They’re buying five to seven guitars, multiple amps; basically driving the hardware side of the business,” said Mooney, speaking to MusicRadar in 2022. “Our premise back then was, if we can just reduce the abandonment rate, we could double the size of the industry.
“So the assumption was there was a static number of new players coming in every year and if we reduced the abandonment rate, the hardware side would grow.”
This would become “the impetus” for Fender Play, the online guitar lessons platform. Under Mooney, Fender’s digital transformation continued apace. When Fender Play was launched for free during the pandemic, it soon reached one million users. In 2021, Fender added PreSonus to its portfolio of brands, leveraging its R&D expertise to launch Fender Play, a free DAW for your mobile device that is super easy to use.
Thanking Mooney for his contributions to the company, Mark Fukunaga, executive chairman of the FMIC board, believes Cole is “uniquely qualified” to replace him.
“Bud has been one of the most impactful leaders within our organisation,” says Fukunaga. “He has a deep understanding of the Fender brand, our global players, and the commercial and operational foundation required to propel us into the future.”
Cole will serve as CEO-Designate from 19 January, assuming his new role as CEO on 16 February.
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