SXSW Co-Founder Louis Meyers Dead, According to Festival Director

SXSW co-founder Louis Meyers has died, according to festival director Roland Swenson.

The Austin American-Statesman first reported the news Friday afternoon, moments before President Barack Obama took the stage in Austin to deliver this year's keynote address at the festival, which is currently underway.

Meyers was one of four founders of SXSW, which began in March 1987, this year marking the fest's 30th year. He sold his stake in the company in 1994, citing "burnout" and health problems due to "the stress of the conference, primarily the music festival."

He moved overseas for a number of years, but he had been living in Austin at the time of his death. Further details were not immediately available.