ELY TAKES HIS ROLE BACK: DYE RESIGNS AS CALLAWAY PRESIDENT

          Callaway Golf Co. announced that DONALD DYE "would step
     down immediately" as President & CEO, and resign from the
     company's Board of Directors, according to Bruce Bigelow of
     the SAN DIEGO UNION-TRIBUNE.  Company Founder ELY CALLAWAY
     will "immediately reprise his role" as President & CEO. 
     Bigelow writes the announcement "stunned financial
     analysts."  Jeffries & Co. analyst David Rose: "This is
     probably not a good thing.  Ely is a sharp guy, but to have
     your operations guy step down is not a good sign,
     particularly when there's been a long-standing relationship
     between the two."  Dye had been with the company for 24
     years (S.D. UNION-TRIBUNE, 10/16).  Under Dye, sales reached
     a high of $843M in '97, but the past year "has been
     difficult for the equipment business" (USA TODAY, 10/16).