30 Jun '11, 9pm

New interim CEO at Callaway announces layoffs, predicts 'soft' second quarter of earnings #pga #golf

NEW YORK -- Callaway Golf’s new interim CEO, Anthony Thornley, says the golf equipment maker will put some savings from planned job cuts toward boosting marketing spending and gaining back market share. Late Wednesday, Callaway Golf Co. announced layoffs in an effort to cut costs by $50 million, said CEO George Fellows would step down and issued a weak forecast for the second quarter. The Carlsbad, Calif.-based company said it must take “immediate and aggressive actions” to return to profitability. Callaway has suffered losses as the golfing industry has been slow to rebound after the recession. In a conference call with analysts on Thursday, Thornley says Callaway’s rivals have been investing considerable sums on media advertising and tour expenses and that’s hurt Callaway’s business. He says the company will look to boost marketing spending to better attract customers. C...

Full article: http://www.pga.com/news/industry-news/callaway-interim-ce...

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During a conference call Thursday morning, Callaway interim CEO Anthony Thornley said the company, which reported a second...

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