Callaway Golf Company is beginning the search process for a Chief Executive Officer to whom current CEO William C. Baker can ultimately turn over management responsibilities. Mr. Baker, who was appointed to the CEO position on August 2, 2004, will lead the search. Mr. Baker also serves as Chairman of the Board and has been a director of Callaway Golf since 1994.
At the time of his appointment to the CEO position in August, no specific term of office was announced by the Board. Instead, Mr. Baker agreed to assume the leadership role for such period of time as he and the Board deemed appropriate.
Upon his appointment, Mr. Baker, 71, immediately began a review and revision of Callaway Golf’s product offerings and launch dates for 2005 and engaged in a complete business review, including strategic initiatives and succession planning. As a result of these efforts, the Board has determined this is the appropriate time to commence a formal search for Mr. Baker’s successor.
Mr. Baker stated, “As the current CEO, one of my most important responsibilities is the identification and training of my successor. With the overall review of the Company’s business and strategic plans well underway, I believe that now is the time to begin this search. An important task like this cannot be rushed and must be coordinated with the findings of our overall business review. We believe strongly in the Callaway Golf family of brands and look forward to emerging from this transition period a stronger, more focused Company.”