Callaway Golf appoints new CEO
By Erika Finch-McCaffrey
Callaway Golf Company, headquartered in Carlsbad, appointed George Fellows as president and chief executive officer of the company effective August 1. Fellows was also elected to serve on the Board of Directors. He replaces interim CEO William C. Baker who remains a director but has stepped down from his other position.
Fellows owned his own consulting business in New York and served as a senior advisor to Investcorp and JPMorgan Partners. Prior to 2000, he was president and CEO of Revlon, Inc. where he successfully breathed new life into the ailing cosmetics company.
"Mr. Fellows was recommended to us by a variety of sources as someone who had the business acumen and leadership qualities we were looking for in a chief executive officer," said Larry Dorman, senior vice president, global press and PR. "His name came up in a number of different discussions with outside parties and our Board of Directors obviously agreed that he was the best choice for the job."
Fellows, a recreational golfer, already has his hands full with two offers to buy Callaway Golf Company. At press time, Bain Capital Inc. and MacGregor Golf put a joint offer on the table for the company for $16.25 per share. At the end of May, buyout firm Thomas H. Lee Partners and Fidelity National Financial Inc. made an offer to purchase Callaway for $16 per share. Callaway has not held negotiations with either groups but Fellows said he sees a "very bright future" for the company.
"I have gotten to know and understand Callaway Golf and its great brands through the selection process, and I am happy to be joining the team as we build value in the business going forward," Fellows said. "I am very excited about the company and its prospects."
By Erika Finch-McCaffrey
Callaway Golf Company, headquartered in Carlsbad, appointed George Fellows as president and chief executive officer of the company effective August 1. Fellows was also elected to serve on the Board of Directors. He replaces interim CEO William C. Baker who remains a director but has stepped down from his other position.
Fellows owned his own consulting business in New York and served as a senior advisor to Investcorp and JPMorgan Partners. Prior to 2000, he was president and CEO of Revlon, Inc. where he successfully breathed new life into the ailing cosmetics company.
"Mr. Fellows was recommended to us by a variety of sources as someone who had the business acumen and leadership qualities we were looking for in a chief executive officer," said Larry Dorman, senior vice president, global press and PR. "His name came up in a number of different discussions with outside parties and our Board of Directors obviously agreed that he was the best choice for the job."
Fellows, a recreational golfer, already has his hands full with two offers to buy Callaway Golf Company. At press time, Bain Capital Inc. and MacGregor Golf put a joint offer on the table for the company for $16.25 per share. At the end of May, buyout firm Thomas H. Lee Partners and Fidelity National Financial Inc. made an offer to purchase Callaway for $16 per share. Callaway has not held negotiations with either groups but Fellows said he sees a "very bright future" for the company.
"I have gotten to know and understand Callaway Golf and its great brands through the selection process, and I am happy to be joining the team as we build value in the business going forward," Fellows said. "I am very excited about the company and its prospects."