Schultz was born on January 21, 1933 in New York City. He received his undergraduate degree in mechanical engineering from the Stevens Institute of Technology. He joined the faculty at UC San Diego in 1960 after completing a Ph.D. thesis at Columbia University, advised by Polycarp Kusch, who won the Nobel Prize in Physics in 1955.

Schultz arrived on the La Jolla campus as an assistant professor of physics, became a full professor in 1971 and continued as a research professor until 2013. An active and respected leader on campus, he was also the director of the university’s Center for Magnetic Recording Research from 1990 to 2000.

In addition to his scientific research, Schultz was a beloved and inspirational teacher who cared deeply about each and every one of his students from undergraduates to postdoctoral fellows. His enthusiasm and dedication forged the way for many of his students to develop distinguished careers of their own.

A highly regarded friend and colleague, Schultz maintained close relations with many of those he worked with and mentored.

In addition to his academic career, Schultz co-founded and was president of Seashell Technology LLC, which has made several important contributions in the field of nanotechnology.