CARLSBAD, Calif., May 15 /PRNewswire/ -- Callaway Golf Company (NYSE: ELY)
announced today that Ronald A. Drapeau, Senior Executive Vice President,
Manufacturing, has been promoted to the positions of President and CEO,
effective immediately. Ely Callaway, the Company's Founder, Chairman,
President and CEO, retired today due to recent medical problems, triggering
the Company's previously established management succession plan. Mr. Callaway
remains as Chairman of the Board, and will also hold the titles of Founder and
CEO Emeritus.
Mr. Drapeau, 54, had served as Senior Executive Vice President,
Manufacturing, since February of 1999. He joined the Company in 1996, and had
served as Executive Vice President of Manufacturing and as President and CEO
of the Company's wholly-owned subsidiary, Odyssey Golf, Inc., from August 1997
until that subsidiary was merged into the Company in December of 1999. Prior
to joining Callaway Golf, he was President and Chief Executive Officer of Lynx
Golf, Inc., from 1993 to 1996. Prior to that, Mr. Drapeau was Senior Vice
President and Chief Financial Officer of Zurn Industries, Inc.
"As we previously stated, the Board has been reviewing various transition
scenarios for some time," said Richard L. Rosenfield, Chairman of the Board's
Compensation and Management Succession Committee. "In the course of that
process, we had reached a consensus regarding Ron as Ely's successor. Our
timing in announcing this transition, which was expected to take place later
this year, was accelerated by Mr. Callaway's unexpected medical situation."
Ely Callaway underwent gall bladder surgery on Monday, April 23. During
the course of that surgery, a tumor was discovered in his pancreas. It was
initially expected that Mr. Callaway would have recovered from the surgery and
would have been able to return to work by the middle of May. While a recovery
from the surgery is still expected, the duration of the recovery period has
been longer than previously predicted.
"In my opinion, Callaway Golf deserves a healthy and qualified, full time
CEO right now," said Mr. Callaway. "Our company presently faces many
opportunities which should be studied and, if appropriate, seized. If we
carefully and intelligently take advantage of these opportunities, our future
has never looked brighter. For these reasons, I have decided not to delay my
retirement as CEO and President any longer."
"Nobody can replace Ely Callaway; I can only follow him," said Mr.
Drapeau. "He is a unique individual with great vision, energy, passion and
compassion and he is the most remarkable businessman I have ever known. I
look forward to continuing to receive his guidance and counsel going forward.
Moreover, I am very fortunate to have the outstanding management team that Ely
has assembled over the last few years. With everyone's support, I plan to
continue to lead the Company along the path that Ely forged, in keeping with
the vision he created -- designing, making and selling demonstrably superior
and pleasingly different products for the global marketplace."
"We have known this day would come -- you might recall I told potential
investors in 1992 during our IPO not to expect me to remain actively involved
in the business for more than two years," remarked Mr. Callaway. "Moreover, I
had already advised the Board and senior management not to expect me to remain
as CEO past this year. Knowing this day would come, we wisely planned for it
in advance. This passing of the torch is part of the normal process in the
growth of any company. I was very fortunate to outlast that IPO prediction,
and now I choose to retire on my own terms. It is therefore with great
pleasure and anticipation that I pass the duties of President and CEO on to
Ron and his team."
Callaway Golf Company was founded in 1982 by Ely Callaway as Callaway
Hickory Stick USA, Inc. A small operation, the Company then focused upon
hickory-shafted putters and wedges. Today, Callaway Golf is the #1
manufacturer of premium golf clubs under the Big Bertha(R) name, with revenues
in 2000 of more than $800 million.
Callaway Golf Company makes and sells Big Bertha(R) Metal Woods and Irons,
including Big Bertha ERC(TM) II Forged Titanium Drivers, Big Bertha Hawk
Eye(R) VFT(TM) and Big Bertha Hawk Eye VFT Pro Series Titanium Drivers and
Fairway Woods, Big Bertha Steelhead Plus(TM) Stainless Steel Drivers and
Fairway Woods, Hawk Eye Tungsten Injected(TM) Titanium Irons, Steelhead(TM)
X-14(R) and Steelhead X-14 Pro Series Stainless Steel Irons. Callaway Golf
Company also makes and sells Odyssey(R) Putters, including White Hot(R),
TriHot(TM), and Dual Force(R) Putters. Callaway Golf Company makes and sells
the Callaway Golf(R) "Rule 35"(R) Firmfeel(TM) and Softfeel(TM) golf balls,
and the CB1(TM) Red and CB1 Blue golf balls. For more information about
Callaway Golf Company, please visit our Web sites at http://www.callawaygolf.com,
http://www.callawaygolfball.com and http://www.odysseygolf.com.
SOURCE Callaway Golf Company
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Related links:
http://www.callawaygolf.com
Company News On-Call:
http://www.prnewswire.com/comp/124825.html or fax,
800-758-5804, ext. 124825
CONTACT:
Steve McCracken, Brad Holiday, or Larry
Dorman of Callaway Golf Company, 760-931-1771
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