CARLSBAD, Calif., Dec. 2, 2014 /PRNewswire/ -- Callaway Golf
Company (NYSE:ELY) reported today that Bradley J. Holiday, Senior Executive Vice
President and Chief Financial Officer, has announced his plans to
retire in 2015. The Company plans to conduct a search for his
successor in early 2015.
Mr. Holiday will continue as Chief Financial Officer until his
replacement has been identified and a smooth transition has been
effected. Mr. Holiday has served as the Company's Chief
Financial Officer since August
2000.
"We are very grateful for Brad's many years of dedication and
service; his contributions to the Company are too numerous to
count," commented Chip Brewer,
President and Chief Executive Officer. "Over the last 14
years, Brad has been a constant that helped drive Callaway forward.
He will be missed, but I am grateful for the time he worked with me
and the current team and I appreciate him communicating his
retirement plans in a manner that allows us to identify his
successor in an orderly manner. All of this is 100%
consistent with the high integrity, character and professionalism
that he has always demonstrated."
Mr. Holiday added, "the Company will be profitable this year for
the first time since 2008 – a significant milestone in the
Company's turnaround – making this a natural time for this
transition. Callaway is a great company and I have enjoyed my many
years with Callaway and the many great people with whom I have
worked."
Forward-Looking Statements: Statements used in this press
release that relate to future plans, events, financial results,
performance or prospects, including statements relating to Mr.
Holiday's planned retirement and the timing thereof as well as the
Company's return to profitability in 2014 are forward-looking
statements as defined under the Private Securities Litigation
Reform Act of 1995. These statements are based upon current
information and expectations and are subject to various risks and
unknowns including a change in retirement plans; delays,
difficulties, or increased costs in implementing the Company's
turnaround strategy; consumer acceptance of and demand for the
Company's products; the level of promotional activity in the
marketplace; unfavorable weather conditions, future consumer
discretionary purchasing activity, which can be significantly
adversely affected by unfavorable economic or market conditions;
future retailer purchasing activity, which can be significantly
negatively affected by adverse industry conditions and overall
retail inventory levels; and changes in foreign currency exchange
rates and the degree of effectiveness of the Company's hedging
programs. Actual results may differ materially from those estimated
or anticipated as a result of these risks and unknowns or other
risks and uncertainties, including continued compliance with the
terms of the Company's credit facility; delays, difficulties or
increased costs in the supply of components needed to manufacture
the Company's products or in designing or manufacturing the
Company's products; any rule changes or other actions taken by the
USGA or other golf association that could have an adverse impact
upon demand or supply of the Company's products; a decrease in
participation levels in golf; and the effect of terrorist activity,
armed conflict, natural disasters or pandemic diseases on the
economy generally, on the level of demand for the Company's
products or on the Company's ability to manage its supply and
delivery logistics in such an environment. For additional
information concerning these and other risks and uncertainties that
could affect these statements, the golf industry, and the Company's
business, see the Company's Annual Report on Form 10-K for the year
ended December 31, 2013 as well as
other risks and uncertainties detailed from time to time in the
Company's reports on Forms 10-K, 10-Q and 8-K subsequently filed
with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The
Company undertakes no obligation to republish revised
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events.
About Callaway Golf
Through an unwavering
commitment to innovation, Callaway Golf Company (NYSE:ELY) creates
products designed to make every golfer a better golfer. Callaway
Golf Company manufactures and sells golf clubs and golf balls, and
sells golf accessories, under the Callaway Golf® and Odyssey®
brands worldwide. For more information please visit
www.callawaygolf.com.
Contacts: Brad Holiday
Patrick Burke
(760) 931-1771
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SOURCE Callaway Golf