GTRC Guitar Center (MM)

Guitar Center, Inc. (Nasdaq:GTRC) today announced that Bruce Ross, Executive Vice President and Chief Financial Officer of Guitar Center, will retire as Chief Financial Officer on March 31, 2006. The Company will appoint Erick Mason, currently Executive Vice President and Chief Administrative Officer, as successor to Mr. Ross, effective March 31, 2006. In connection with this transition, Mr. Ross will remain an employee until June 30, 2006 and will be available as a consultant until September 2006. Marty Albertson, Chairman and Chief Executive Officer of Guitar Center, commented, "On behalf of Guitar Center and our Board of Directors, I would like to thank Bruce for his outstanding leadership and contributions to the Company as Chief Financial Officer. Bruce joined Guitar Center in 1994 when the Company was still private and has played an integral role in milestones including our leveraged buy-out, our initial public offering, the expansion of the Guitar Center concept from 17 to 165 stores, and our acquisitions of direct response and educational operating divisions. He has been instrumental to Guitar Center's growth and success over the years, and his participation on our management team has helped strengthen the Company's financial position. I personally have enjoyed working with Bruce over the last 12 years and we wish Bruce the best in his retirement." Mr. Ross, added, "I'm proud of what I have been able to accomplish both professionally and personally while at Guitar Center and have truly enjoyed working with the great team here. I'm leaving the Company at a time when it is well positioned for future growth." Mr. Mason has 20 years of finance and accounting experience and has served as Executive Vice President and Chief Administrative officer at Guitar Center for the last two years. He joined Guitar Center in 1996 as the Company's Corporate Controller, was promoted to Senior Vice President, Finance in 2001 and served as Chief Accounting Officer from 2002 to 2005. Prior to working at Guitar Center, Mr. Mason was a senior manager with KPMG LLP. He is a certified public accountant. Mr. Albertson concluded, "We are very pleased to appoint Erick Mason to the position of Chief Financial Officer. In his nine years with the Company, he has worked closely with Bruce and, more recently in his position as Chief Administrative Officer, has been involved with many different aspects of the business beyond finance. Erick is an important member of Guitar Center's executive management team and brings leadership skills as well as strong experience in finance and accounting to his new role in the Company. Overall, we have a deep and experienced management team that remains focused on supporting and growing the business." About Guitar Center Guitar Center is the nation's leading retailer of guitars, amplifiers, percussion instruments, keyboards and pro-audio and recording equipment. We presently operate 165 Guitar Center stores, with 127 stores in 50 major markets and 36 stores in secondary markets and 2 stores in tertiary markets across the U.S. In addition, the Music & Arts division operates 81 stores specializing in band instruments for sale and rental, serving thousands of teachers, band directors, college professors and students. Guitar Center is also the largest direct response retailer of musical instruments in the U.S. through our wholly owned subsidiary, Musician's Friend, Inc., and its catalog and web site, www.musiciansfriend.com. More information on Guitar Center can be found by visiting the Company's web site at www.guitarcenter.com.