By ADAM SCHUPAK
George Fellows, president and CEO of Callaway Golf Co., has reached an agreement with the company’s board of directors on a contract extension through 2011.
Fellows, 65, joined Callaway in August 2005. Last year, the Carlsbad, Calif.-based equipment maker posted record net sales of $1.125 billion and fully diluted earnings of $0.81, an increase of 138 percent compared with the previous year.
“Under his leadership, the company has significantly improved its business processes and operations and as a result has achieved record levels of sales and profits,” said Ronald S. Beard, Callaway’s board chairman.
According to the company’s filing with the Securities and Exchange Commission, Fellows will earn a base salary of not less than $925,000 and be eligible to earn an annual bonus equal to his base salary.
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Adam Schupak is a Golfweek senior writer. To reach him e-mail [email protected]