Callaway Golf (NYSE:ELY) has a new President and Chief Executive Officer. Anthony Thornley took over after George Fellows resigned “for personal reasons” but there is little doubt he was asked to depart.
Fellows, who previously was the top executive at Revlon, Inc. was cross country commuting to Carlsbad, Calif. headquarters and cited the long distance and spending more time with his family effecting his decision to leave. Thornley at age 65, on the Callaway board of directors for seven years, comes to the CEO position with a background in technology; specifically he was President of Qualcomm Inc.
On Fellows watch Callaway, the once industry-dominant club manufacturer, seemed to lose its way, eventually falling well behind principle rival TaylorMade Golf Company in clubs and never able to mount an effective challenge to Acushnet Company in golf balls. MORE…
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