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Exhibit 99.1
Contact: Ely Callaway
Larry Dorman
760-931-1771
ELY CALLAWAY TO REMAIN AS CALLAWAY GOLF CEO AND PRESIDENT
AS THE COMPANY FOCUSES TOP MANAGEMENT
ON GROWING THE GAME OF GOLF
CARLSBAD, CA, November 13, 2000 - Callaway Golf Company (NYSE:ELY)
announced today that Founder, Chairman and CEO Ely Callaway will remain
indefinitely in his current leadership role with the Company. The Callaway Golf
Board of Directors has asked Mr. Callaway to continue as Chairman of the Board
and CEO while also taking on the title and duties of President, and Mr. Callaway
has agreed.
"I am invigorated by the Company's new opportunities, direction and new
policy of growing the company specifically and growing the game of golf
generally by offering golfers a choice between drivers that do conform with USGA
regulations and drivers that do not conform," Mr. Callaway said. "I think this
is the most exciting time for me in golf since the introduction of the original
Big Bertha Driver in 1991, and because of this I look forward to continuing to
lead the company toward capitalizing on its new and exceptional opportunities."
Mr. Callaway said that he and the Board have requested that Chuck Yash
immediately begin devoting his full time and attention to leading a team of top
people to implement Callaway Golf's new policy. Mr. Yash will assume the new
role of Vice Chairman of the Board and Senior Executive Vice President in charge
of directing the company's efforts to "Grow the Game." Mr. Yash will report
directly to Ely Callaway.
"With Chuck's knowledge of and vision for the game, his established
reputation in the industry, and great leadership skills, we hope to be a strong
force working to change attitudes - including attitudes on equipment - that
might act as barriers to the growth of the game of golf in the United States,"
Mr. Callaway said. "In order to give Chuck the time to devote to this unusual
and important task, I will again assume the title of President of the Company
and will continue as CEO."
This new Callaway Golf task force, whose primary purpose will be to
focus upon ways to encourage the growth of the game, will report directly to
Chuck Yash in his new position. That group is in the process of being formed by
Mr. Yash from people both inside and outside the Company.
Mr. Callaway also announced the formation of a newly constituted Senior
Management Committee, composed of top officers of the company, which will assist
him in guiding and operating the company in the days ahead. This group will
report directly to Mr. Callaway. In addition to Mr. Yash, those included in the
committee are: Ron
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Drapeau, Senior Executive Vice President, Manufacturing; Richard Helmstetter,
Senior Executive Vice President, R&D; Steve McCracken, Senior Executive Vice
President and Chief Legal Officer; Brad Holiday, Executive Vice President and
Chief Financial Officer; Mick McCormick, Executive Vice President, Global
Sales; and Ian Rowden, Executive Vice President, Global Advertising. Said Mr.
Callaway, "Having consolidated our golf ball business into the management
structure of our overall global golf club business three months ago, the
Directors and I believe that in this group we have assembled a very strong,
talented and capable senior management team that can take full advantage of
the Company's unusual opportunities."
Mr. Callaway said that the company's new policy and the consequent need
for the new task force grew in large part out of the USGA's decision in 1998 to
break ranks with the Royal and Ancient Golf Club of St. Andrews, Scotland (R&A)
and to institute its own rule limiting the C.O.R. ("coefficient of restitution")
on drivers. The R&A, which originates and oversees the rules of golf in all
countries outside the United States, Canada and Mexico, continued its own study
of whether modern drivers hit the ball too far, and whether they pose a threat
to the integrity of the game. In early Fall of 2000, the R&A announced its
conclusion that modern drivers do not pose a threat to the integrity of the game
and are therefore approved for play for all golfers, in tournaments as well as
recreational play, in some of the major areas where golf has long been played -
such as Great Britain, Europe, South Africa, South America, Japan and Asia.
In light of the USGA's action, Callaway Golf continues to offer in the
U.S. a large and complete line of equipment that conforms to USGA rules.
However, the Company agrees with the R&A that recreational golfers should be
allowed to take advantage of the latest in golf club technology without
threatening the integrity of the game. In the Company's opinion, the USGA rules
would needlessly deprive recreational golfers in the U.S. the opportunity to use
drivers that could make the game more enjoyable. On October 18, 2000 the company
announced at a global news conference that it was adding a new line of drivers -
the "non-conforming" Big Bertha-Registered Trademark- ERC-TM- II Forged Titanium
Drivers - for sale in the United States and around the world.
Each of the Company's new drivers will be permanently marked on the
clubhead as follows: the new conforming Hawk Eye VFT Driver carries the
inscription "CONFORMS WITH USGA RULES, APP. II, 5a"; the new non-conforming ERC
II Driver carries the inscription "NON-CONFORMING WITH USGA RULES, APP. II, 5a."
Each new driver also has a face sticker clearly identifying it as it either
"Conforming" or "Non-Conforming".
The new ERC II Drivers do not conform to the USGA's Rules because they
exceed the USGA's limits on a driver's C.O.R. - a measure of the efficiency with
which a club transfers the energy generated by a golfer's swing to a golf ball.
These non-conforming drivers are intended for use by U.S. golfers who play
recreational golf for fun. Callaway does not intend or recommend that the ERC II
be used in tournament play or any other competition governed by USGA Rules.
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"We feel our innovative step in introducing a superior driver for use
by recreational golfers in the United States will help the game of golf to
grow," Mr. Callaway said. "Golf is probably the most difficult game ever
devised. Many people quit the game entirely after periods of struggle. We think
that millions of Americans want to play the game of golf for fun and relaxation
with friends and family, and do not see themselves as necessarily playing at the
same competitive level as professionals or top amateurs. We are confident that a
driver like our new ERC II will add to their enjoyment of the game without
threatening the fundamental nature of the game.
"Over time, helping to make golf more enjoyable and friendly should
attract more beginners to the game and help keep people playing the game
longer," Mr. Callaway continued. "Much of our business in the future, and much
of the business for everyone else associated with the game of golf in the
future, will depend upon successful efforts such as this one intended to grow
the game."
The Company's other products, including its new Big Bertha Hawk
Eye-Registered Trademark- VFT-TM- Titanium Drivers and Fairway Woods do conform
to USGA Rules and are offered for use in rounds played in the U.S. in
tournaments or other events subject to the USGA's Rules.
"With our core line of USGA-conforming woods and irons, we hope to
provide the highest level of performance and enjoyment ever for those skilled at
the game and competing at tournament levels," Mr. Callaway said. "For
recreational golfers, we think the ERC II Driver offers a better chance to hit
their drives a little farther and with somewhat better control of accuracy than
they can with any other driver our company has ever offered. We believe, as do
many others, that this will be very good for the game of golf and, of course,
good for our Company."
CALLAWAY GOLF COMPANY MAKES AND SELLS BIG BERTHA-Registered Trademark- Metal
Woods and Irons, including Big Bertha ERC-TM- II Forged TITANIUM DRIVERS, BIG
BERTHA HAWK EYE-Registered Trademark- VFT-TM- Titanium Drivers and Fairway
Woods, Great Big Bertha-Registered Trademark- Hawk Eye 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-Registered Trademark- and Steelhead X-14 Pro Series Stainless Steel Irons,
and BOBBY JONES-Registered Trademark- and Carlsbad Series-TM- Putters. Callaway
Golf Company also makes and sells Odyssey-Registered Trademark- Putters,
INCLUDING WHITE HOT-TM-, TriHot-TM-, and Dual Force-Registered Trademark-
Putters. Callaway Golf Ball Company, a wholly-owned subsidiary of CALLAWAY GOLF
COMPANY, MAKES AND SELLS THE CALLAWAY GOLF-Registered Trademark- Rule 35-TM-
Firmfeel-TM- and Softfeel-TM- golf balls.
FOR MORE INFORMATION ABOUT CALLAWAY GOLF COMPANY, PLEASE VISIT OUR WEB SITES AT
WWW.CALLAWAYGOLF.COM, WWW.CALLAWAYGOLFBALL.COM AND WWW.ODYSSEYGOLF.COM.
