Callaway Golf Company Appoints New CEO and Director

Troubled Callaway has found a new CEO. The full press release follows:

CARLSBAD, Calif.—(BUSINESS WIRE)—Aug. 1, 2005—Callaway Golf
Company (NYSE: ELY) today announced that the Board of Directors has
appointed George Fellows as President and CEO of the Company, and has
also elected Mr. Fellows to serve as a Director. All appointments are
effective August 1, 2005. William C. Baker, who has served as interim
CEO and Chairman since August of 2004, will remain as a Director, but
has stepped down from both offices effective on the same day. Ronald
S. Beard, the Company’s lead independent director, was elected to
succeed Mr. Baker as Chairman.

  “The Board has worked very hard to coordinate its search for a new
CEO with its ongoing review of strategic opportunities, and that hard
work has paid off by bringing to us a terrific leader in George
Fellows,” said Mr. Beard. “Mr. Fellows is a skilled operator who has a
track record of building shareholder value in numerous consumer brand
businesses. In particular, his expertise in marketing and brand
building is expected to help us continue to build strength in all of
the Company’s four major golf brands—Callaway Golf, Odyssey,
Top-Flite and Ben Hogan. Mr. Fellows has shown the ability to motivate
employees, understand customers and consumers, and build strong supply
chain relationships—all of which have contributed to a well
deserved reputation as someone who can build shareholder value inside
a company. We feel that he is the ideal candidate to work with the
Board, the existing management team and our employees to accomplish
our goals going forward.”

  “The Board is also very grateful to Bill Baker for stepping
forward last year to assist us during this period of transition,” Mr.
Beard continued. “Bill’s efforts and service have given us the time to
conduct a full and complete process, which resulted in our outstanding
new CEO.”

  Mr. Fellows has been engaged in his own consulting business in New
York since 2000, serving as a senior advisor to Investcorp and
JPMorgan Partners. Prior to that time he served as President and CEO
of Revlon, Inc. He serves on the board of directors of VF Corporation.

  “I have gotten to know and understand Callaway Golf and its great
brands through the selection process, and I am happy to be joining the
team as we build value in the business going forward,” said Mr.
Fellows. “I am very excited about the Company and its prospects. Its
efforts this year, including its great new products, have created a
positive momentum in the marketplace behind the Company and its brands
that we can build upon. I see a very bright future for Callaway Golf
Company, and I appreciate the opportunity to play an important part in
that future.”

  “I join the Board in welcoming George Fellows to our team, and
express my thanks for the opportunity to have served an expanded role
at the Company these last twelve months,” said Mr. Baker. “George
takes the helm at a time when our recent results have shown a positive
change from where we were a year ago. We all look forward to working
with George to continue this process.”

  Statements in this press release that relate to future plans,
events or prospects, including statements relating to future
competitive position, are forward-looking statements as defined under
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve a number of risks and uncertainties
and actual results may differ materially from those anticipated in
these forward-looking statements. The factors that may cause such
differences include, but are not limited to, the ability of the
Company to identify and execute viable strategic alternatives; delays,
difficulties or unanticipated costs in integrating recently acquired
Top-Flite Golf assets, brands and businesses; overall economic
conditions and other business factors. For additional information
concerning these and other risks and uncertainties, see Part I, Item 2
of the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2005, as well as other risks and uncertainties detailed from
time to time in the Company’s reports on Forms 10-K, 10-Q and 8-K
subsequently filed from time to time with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
The Company undertakes no obligation to republish revised
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated events.

  Through an unwavering commitment to innovation, Callaway Golf
creates products and services designed to make every golfer a better
golfer. Callaway Golf Company manufactures and sells golf clubs and
golf balls, and sells golf accessories, under the Callaway Golf(R),
Top-Flite(R), Odyssey(R) and Ben Hogan(R) brands. For more information
visit http://www.callawaygolf.com.

  CONTACT: Callaway Golf Company, Carlsbad
        Brad Holiday or Steve McCracken, 760-931-1771

  SOURCE: Callaway Golf Company