Callaway appoints interim chief as Fellows resigns
Tuesday, July 5, 2011
CARLSBAD, CALIF. - Callaway Golf appointed Anthony S. “Tony” Thornley as interim president and chief executive June 29 after George Fellows resigned for what the company called personal reasons.
The move is part of wider organizational changes in which the golf-equipment manufacturer “expects to reduce head count at all levels of the organization,” according to a company statement.
The company did not specify how many jobs would be lost. Cost savings are estimated at $50 million,
Callaway President George Fellows
Callaway expects a second-quarter net loss of about $55 million on revenue of about $270 million.
Fellows, 68, had been Callaway’s president and CEO since August 2005.
“It’s been my privilege to serve Callaway these past six years, and I’m proud of much of what we’ve done,” Fellows said in a company statement. “However, the personal demands of cross-country commuting and other demands on my personal life and family have led me to conclude now is the right time for me to make this change.”
Thornley, 65, served on Callaway’s Board of Directors since 2004 and is regarded as a financial expert. He is a former head of the wireless-technology company Qualcomm.
“Tony Thornley has a deep knowledge of Callaway’s business and the steps we must take to improve results going forward,” said Ron Beard, Callaway’s board chairman. “He brings decades of experience, including the financial and managerial skills and discipline to execute on our immediate priorities and to lead a transition to new leadership as the company charts a path for the future. As an avid golfer with a low single-digit handicap, he also brings passion for what we do.”