Fellows resigns as head of Callaway Golf

• By Ryan Ballengee
• Jun 29, 2011 6:02 PM ET

Callaway Golf CEO George Fellows resigned Wednesday from his post, citing “personal reasons” for leaving. Fellows will be replaced on an interim basis as president and CEO by Anthony Thornley.

Fellows, 68, had held his position since 2005 and Thornley, 65, joined the board of Callaway Golf in 2004 from his previous role as president and COO of Qualcomm.

“Tony Thornley has a deep knowledge of Callaway’s business and the steps we must take to improve results going forward. He brings decades of experience, including the financial and managerial skills and discipline to execute on our immediate priorities and to lead a transition to new leadership as the company charts a path for the future,” said Ron Beard, chairman of the Callaway board in a release.

“As an avid golfer with a low single-digit handicap, he also brings passion for what we do. We appreciate George Fellows’ efforts, accomplishments and wish him the best in the future. We look forward to continuing to work closely with our customers and partners as we take our next steps.”

Fellows cited a desire to spend more time with his family as his reason for stepping down.

“It’s been my privilege to serve Callaway these past six years and I’m proud of much of what we’ve done,” Fellows said. “However the personal demands of cross-country commuting and other demands on my personal life and family have led me to conclude now is the right time for me to make this change.”

The announcement was made as part of the company’s release of its second quarter financial results. The company reported a $55 million quarterly loss, including $46 million in accounting charges related to asset values. The clubmaker also announced layoffs will be forthcoming.

Stock in Callaway Golf is down some 5 percent in after-hours trading on the news of the resignation and quarterly results.