Fender CEO Andy Mooney poses for a photo at the firm’s Hollywood office ribbon-cutting ceremony on September 22, 2016 in Hollywood, California.

Matt Winkelmeyer | Getty Images

LISBON, Portugal — Before Andy Mooney took the reins at guitar maker Fender, he was an executive at two other companies — Nike and Disney. And it was during his time at Disney that he met iconic entrepreneur Steve Jobs.

Mooney says the Apple co-founder was “one of the first people” he met at Disney. Jobs joined the entertainment giant’s board as a result of its acquisition of animation studio Pixar in 2006.

“He grilled me on our very first meeting about what my point of view on brands was,” Mooney told CNBC in an interview at the Web Summit technology conference. According to Mooney, Jobs agreed with his perspective that “great brands are the accumulative effect of great products,” but there was a “but.”

Mooney recalls that Jobs told him: “Every single product that you make, that you put your brand on, is either a deposit or withdrawal from the bank of brand equity.”

That is, the product has to speak to the success of a well-known brand by being an instantly recognizable part of the company’s lineup.

Jobs, who died in 2011, was the face of Apple at a time when the company released some of its most iconic products, including the Macintosh family of computers and the iPhone.