Actually, Chip, the golf ball startup is more than just a rumor. Here is a recent press release from Callaway:
Carlsbad, California/May 13, 1996/Callaway Golf Company (NYSE:ELY)
announced that Ely Callaway, the Company's founder, is transferring the position of Chief Executive Officer of Callaway Golf Company to Donald H. Dye, effective immediately. Mr. Callaway, soon to be age 77, will continue as Chairman of the Board of Directors of Callaway Golf Company and will be joining with Charles Yash, who has resigned his position as President of Taylor Made Golf Company, to launch, develop and head up a new subsidiary, the Callaway Golf Ball Company.
The Company simultaneously announced plans to form a new wholly-owned subsidiary that will be led by Mr. Charles Yash as President and Chief Executive Officer. Mr. Yash will report directly to Ely Callaway who will serve as the Chairman of the Board of Callaway Golf Ball Company, and will continue as Chairman of Callaway GolfCompany. "We believe that there is a good and reasonable opportunity for Callaway Golf Ball Company, in due time, to create, produce and merchandise a golf ball that will be demonstrably superior to, and pleasingly different from, any other golf ball we now know of," said Mr. Callaway. "If we are right, we intend gradually to achieve one of the top positions among the world's golf ball industry leaders in the years ahead," he added. |
