In 1981, Fender-CBS hired William (Bill) Schultz, John McLaren, and Dan Smith from Yamaha's American division. Schultz became the president of Fender-CBS, McLaren the general manager, and Dan Smith was named director of marketing for Fender electric guitars. In an effort to improve Fender's market position, Dan Smith orchestrated a revamp of the basic production model Stratocaster and in late 1981 the new model was introduced as the Standard Stratocaster. Although it was formally called the Standard Stratocaster, colloquially and street level it is widely known as "Dan Smith" due to the important characteristics attributed to the so-called Smith. The name Dan Smith does not appear anywhere on the instrument, but Stratocaster enthusiasts have named it after the man who brought about such significant changes and would also play an integral role in the creation of the 1987 American standard.