Callaway Golf Co. (ELY) hired Adams Golf Inc. (ADGF) Chief
Executive Oliver "Chip" Brewer as its new president and CEO, ending
a nearly eight-month search for the company's next leader.
The hire, effective March 5, prompted Adams to name its founder
and Chairman, Barney Adams, as an interim chief while it searches
for its own successor.
"Chip has extensive knowledge of all facets of the golf
business, particularly in the sales and marketing area, and has a
real passion for the game of golf," Callaway Chairman Ronald S.
Beard said in a statement. "Chip also has great relationships with
customers and others in the golf industry and he has done a great
job turning around and leading Adams Golf."
The appointment comes after former Callaway President and Chief
Executive George Fellows in June said he was resigning from his
posts at the golf-equipment maker. The resignation came amid a weak
preliminary outlook that prompted the company to eliminate some
jobs.
Fellows had served in those roles since August 2005. He led
initiatives including the company's international expansion,
product-cost reduction and efforts to return golf to the
Olympics.
Brewer, 48 years old, replaces Callaway's Anthony S. Thornley,
who was 64 years old as of the company's April proxy filing.
Thornley served as the company's interim chief after previously
working as president and chief operating officer of Qualcomm Inc.
(QCOM) from 2002 to 2005. Thornley will continue to serve on
Callaway's board after stepping down as an executive.
Callaway shares closed at $6.51 Monday and were inactive after
hours. Adams shares closed at $9.21 and were lightly traded.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com