Menu
Download the app

SBJ subscribers – Enhance your experience with the revamped iOS app

Finance

Callaway Golf Cuts 250 Employees As Company Shares Continue To Fall

California-based Callaway Golf yesterday "cut 250 employees from its worldwide workforce of 2,100," according to James Achenbach of GOLFWEEK. The company said that the 12% reduction of staff and "other initiatives are expected to generate $52 million in gross annualized savings and will cost an estimated $40 million -- more than half anticipated non-cash charges -- during the next 12 months." Callaway Golf President & CEO Chip Brewer said, "It's painful stuff. It keeps you up at night. The reality, though, is that we had too many costs and too many people. So we had to make those tough decisions." He added that Callaway would come out of the restructuring "leaner and more agile." Brewer: "The Callaway consumer will benefit from all this. That's why they hired me." Looking ahead to '13, Brewer promised "exciting new products that people will be talking about" (GOLFWEEK.com, 7/11). Callaway said that the cuts "would occur across the board, including at least one senior vice president position." In San Diego, Mike Freeman notes Brewer's "early steps to fix Callaway include simplifying the company's business to focus on its core Callaway and Odyssey brands." The company "will release second quarter earnings" on July 26. The layoffs and revised earnings forecast were announced "after markets closed." Callaway shares "fell nearly" 9% yesterday to close at $5.66 on the NYSE (SAN DIEGO UNION-TRIBUNE, 7/12).

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/2012/07/12/Finance/Callaway.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/2012/07/12/Finance/Callaway.aspx

CLOSE