Equipment Insider

Barney Adams named interim CEO of Adams Golf

By Ryan Ballengee
Feb 27, 2012 10:25 PM ET

Adams Golf founder Barney Adams has been appointed interim CEO of the company following the resignation of president and CEO Chip Brewer on Monday.

Following a decade at the helm of Adams Golf, Brewer resigned to take the same roles at Callaway Golf.

"This is an amiable transition and we wish Chip well and thank him for his service to the company over the last 13 years," Adams said in a release. "Our company continues to perform at a high level and I look forward to working with the operating team to carry on the excellent results they have been delivering."

Adams, who also is chairman of the Board of Directors, founded the company in 1987.

On Jan. 4, the company announced it would be exploring “strategic alternatives” to increase shareholder value. The stock price increased 15 percent after the announcement was made. On Feb. 24, the stock price increased another 11 percent on its highest volume since Jan. 5.

The company hired Morgan Stanley to facilitate an analysis of the options. Among the options Brewer shared in a Jan. 7 interview, the company could pursue its sale, buying back shares or creating a dividend.

“We can't eliminate anything at this point,” Brewer said.