Bernard Sahlins founded the comedy theater in 1959, along with Howard Alk and Paul Sills.
He was also one of those who first invented topical sketch comedy, which shows like Saturday Night Live are based upon.
Sahlins was famous for spotting big talents early, such as Bill Murray, Dan Aykroyd, John Candy and Jim and John Belushi.
He passed away Sunday at his home. He was 90 years old.