Callaway Golf Company (NYSE:ELY)is continuing its previously announced search for a new chief executive officer. As part of that process, the board of directors is also conducting a full review of the strategic alternatives for the company, and is working with investment banking firm Lazard to assist in these efforts.
The company also confirmed that it has received unsolicited indications of interest from various parties from time to time. However, no firm offers have been made, no substantive discussions are currently under way, and neither the board nor the senior management team has reached any decisions regarding the preferred strategic direction for the company. There can be no assurance that the consideration of various strategic alternatives by the company will lead to any transaction or other action by the company.
Lead independent director Ronald S. Beard commented, “We feel that this is an opportune time to explore a full range of strategic alternatives that could enhance shareholder value. The board and management continue to work closely to identify our next CEO, who will be taking the reins at a time when the company is seeing improving results reflecting the strong market acceptance of its products. The company is also in the process of launching two new tour-proven products — the Big Bertha FT-3 Fusion Driver (announced earlier this week) and the new HX Tour 56 golf ball (announced last week).We believe these terrific new products will further enhance the competitive position of Callaway Golf in the market.”
The company expects to pre-release expected sales and earnings information for the second quarter during the first full week of July, with full financial reports later that month.
Callaway Golf Company www.callawaygolf.com
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