 He was president of the company from 1956 to 1977 and was the last Steinway family member to be president of Steinway.In 1972, after a lengthy strike, a long-running financial struggle, high legal expenses, and a lack of business interest among some of the Steinway family members, the firm was sold to CBS.At that time CBS owned many enterprises in the entertainment industry, including electric guitar and amplifier maker Fender, drum maker Rogers, electro-mechanical piano maker Rhodes, and the baseball team New York Yankees.