By JOHN STEINBREDER
Senior Writer
MacGregor Golf is expected to announce today the appointment of Greg Norman as its chairman,
Golfweek has learned.
The
move culminates a leadership change that began in July when Norman and
other board members relieved MacGregor CEO and majority shareholder
Barry Schneider of his operational duties and began a strategic review
of the Albany, Ga.-based clubmaking enterprise.
Norman’s
appointment coincides with Schneider’s exit from the company. Schneider
has relinquished his remaining roles and “surrendered his ownership
share to MacGregor,” according to a company official. In addition,
Norman has helped lead a recapitalization of MacGregor along with two
existing investors. That effort was designed to strengthen the
company’s balance sheet, give MacGregor greater financial flexibility
and provide resources for continued growth.
The company also has
embarked on a search for a new CEO. Duff Meyercord – a partner with New
York-based turnaround specialists Carl Marks Advisory Group who took
over as president and chief operating officer when Schneider stepped
down in July – will continue to oversee global operations until a
permanent leader is found.
“We have to get back to the basics of what the company is all about,” Norman told
Golfweek
in an exclusive interview. He added that he envisions MacGregor
providing products that can be described as “modern classics” and
likely would compete against brands such as Mizuno.
“Also, we
need to make things far more integrated from an operational
standpoint,” Norman said. “I believed we had to empower middle
management more and have them be the ones who make and implement the
decisions as we make them more accountable.”
Norman expects to
be active in that process as chairman, which makes sense considering he
says his investment in the company “will be the biggest business deal
he has ever made.”
“The title speaks for itself, and while I
will not be involved in the day-to-day management, I will have input
into everything from the cosmetics of the products to R&D to
decisions on marketing and the overall strategy of the company,” he
said. “I also want to make sure our employees understand the direction
of the company and the places we want to take it. I am a huge proponent
of that, and the idea that you have to lead from the top down, that you
have to lead by example and make the people who work with you
understand where you want to take the business. Do that, and they work
with much more enthusiasm.”
Norman did not provide details of
the recapitalization of privately-held MacGregor, offering only that he
led it along with Sankaty Advisors, an affiliate of Bain Capital in
Boston, and the Gordon P. Getty Family Trust, both of whom had been
involved with the company for five years.
Norman joined the
board of MacGregor last fall after acquiring a minority stake in the
company. The entity includes MacGregor clubs and outerwear and the Greg
Norman Collection apparel business. Collectively, MacGregor generates
roughly $150 million in annual revenues, according to company officials.
• • •
John Steinbreder is a
Golfweek senior writer. To reach him e-mail
jsteinbreder@golfweek.com.
Posted: 10/22/2007
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