Lexington, Ky. - Jim Thiel, co-founder and co-owner of Thiel Audio, passed away after succumbing to cancer, the company announced.

Thiel, who was also the company's product design engineer, co-founded the company that bears his name in 1976. His designs have won Innovations Design & Engineering awards, Absolute Sound / The Perfect Vision Editor's Choice awards, and Product of the Year awards from Stereophile, Electronic House and Stereosound Magazines, the company's Web site said.

The company plans to provide details about funeral arrangements.