Fellows resigns as mind of Callaway Golf

Callaway the game of golf CEO George Fellows resigned Wednesday from
his post, citing “personal reasons” for leaving. Fellows is heading
to be changed on an interim schedule as president and CEO by Anthony
Thornley.
Fellows, 68, experienced held his location given that 2005 and
Thornley, 65, joined the board of Callaway the game of golf in 2004
from his prior part as president and COO of Qualcomm.
.“Tony Thornley carries a deep know-how of Callaway’s company as
nicely as the measures we should carry to enhance outcomes heading
forward. He gives decades of experience, which include the monetary and
managerial abilities and self-control to execute on our instant
priorities and also to guide a changeover to new management since the
organization charts a road with the future,” mentioned Ron Beard,
chairman from the Callaway board in a very release.
“As an avid golfer having a reduced single-digit handicap, he also
gives appreciation for what we do. We appreciate George Fellows’
efforts, accomplishments and desire him the most effective within the
future. We seem forward to continuing to function closely with our
purchasers and partners as we carry our following steps.”
Fellows cited a need to devote additional time with his family members
as his cause for stepping down.
“It’s been my privilege to serve Callaway these previous 6 many years
and I’m proud of a good deal of what we’ve done,” Fellows said.
“However the private demands of cross-country commuting as nicely as
other demands on my private lifestyle and family members have led me to
conclude now will be the most suitable time for me to produce this
change.”
The announcement was produced as component from the company’s launch
of its 2nd quarter monetary results. The organization reported a $55
million quarterly loss, which include $46 million in accounting fees
associated to resource values. The clubmaker also announced layoffs is
heading to be forthcoming.
Stock in Callaway the game of golf is reducing some five % in after-
hours buying and selling within the information from the resignation
and quarterly results.