Bono's On Board: Latest Move At Fender Highlights Singer's Business Chops

Rock singer Bono and his bandmate in U2, The Edge, are broadening their business horizons, and both have been named to guitar maker Fender's board of directors.

Wasting no time in getting into the spirit of promotion, Bono issued a prepared statement. "When a festival-goer wears a Fender t-shirt, they are saying a lot about themselves," he wrote. "They love music, they're independent-spirited, they're proud of this truly American company, a nexus of technology and culture which, in the end, can't be copied no matter how hard the giants try. I'm excited to be part of developing newer technologies with Fender, as well as helping protect the jobs and commitment to excellence of their age-old craft."

According to Billboard, the pair's new gig will give them something to focus on this year as the band's not expected to produce a new album by year's end.

It's a busy day for musicians and producers in the business world.

Beats Electronics cofounders Dr. Dre and Jimmy Iovine will become Apple executives working directly under Eddy Cue, Apple’s executive in charge of Internet services, the New York Times reported.

Apple announced its much-anticipated acquisition of Beats Electronics for $3 billion on Wednesday, the biggest in a series of recent acquisitions for the tech giant.