Ray Dolby, Founder of Dolby Labs, Dies
Thursday was a sad day for audiophiles and Dolby Labs investors alike, for on Thursday, we learned that Ray Dolby has gone quietly into the night.
The founder of Dolby Laboratories, holder of 50 patents, and pioneer of videotaping technology, Dr. Dolby founded Dolby Labs in 1965, with a goal "to advance the science of sight and sound." Over the ensuing years, he helped build the company into a superbly profitable business doing in excess of $900 million in annual revenues. He was aged 80 when he finally succumbed to twin cases of Alzheimer's Disease and leukemia, survived by his wife, two sons, their spouses, and four grandchildren.
In a statement Thursday, Dolby president and CEO Kevin Yeaman said:
Today we lost a friend, mentor and true visionary. Ray Dolby founded the company based on a commitment to creating value through innovation and an impassioned belief that if you invested in people and gave them the tools for success they would create great things. Ray's ideals will continue to be a source of inspiration and motivation for us all.
Son David Dolby, who sits on the board of directors of the company his father founded, said, "My father was a thoughtful, patient and loving man, determined to always do the right thing in business, philanthropy, and as a husband and father."
Son Tom Dolby called his father "an engineer at heart," but one whose "achievements in technology grew out of a love of music and the arts."
Wife Dagmar Dolby eulogized her husband as: "...generous, patient, intellectually honest and fair-minded. Forever curious, unafraid and oh so persistent, whether we were driving overland from India, flying his planes across the Atlantic or driving the big bus around the National Parks, he not only gave us an exciting life, but was a fantastic role model for our sons."
The article Ray Dolby, Founder of Dolby Labs, Dies originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Dolby Laboratories. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.