Callaway 2001 Annual Report Download - page 3

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In opening my first annual letter to you, I am compelled to
address the single most significant event thus far in the history of
our Company: the passing of our founder, Ely Callaway. Ely had
a profound impact on all employees at Callaway Golf, not just
those who worked closely with him every day.
Ely was…
A man of vision, yet very focused…
A believer that honesty and integrity were the
underpinning of every relationship and communication…
A ferocious, relentless competitor, yet an
extremely compassionate person, accessible to all…
A man whose confidence and self worth made him
unafraid to be wrong, thereby giving himself the
opportunity to be right…
A person with the willingness to undertake challenges
others couldn’t – or wouldn’t –with a work-hard ethic
that inspired us all.
Ely’s recommendation to our Board that I be selected as his
successor is the highest compliment I have ever received, reflecting,
I believe, on his view and mine that we shared many of the same
basic values. I plan to do everything I can to prove that the
confidence and trust he placed in me was well founded. Certainly,
as we have moved on with conducting our business we have been
true to his vision of developing and marketing “demonstrably
superior and pleasingly different” golf clubs and golf balls. This
credo has been adopted as the mission of all 2,500 Callaway Golf
employees in 18 countries around the world. It will not change.
Over the last 20 years, Callaway Golf has developed a thorough
understanding of the needs of golfers around the world. In fact,
we believe we understand golfers better than any other company.
Their passion is our passion. We translate that zeal into all our
products, making golf clubs, golf balls, putters and accessories
that are truly satisfying for players of every skill level. This, too,
will not change.
And the legacy Ely left me extends even further. I also am
extremely fortunate that he built such a strong team over the
past few years, blending solid long-term contributors with high
energy talented newcomers. Working together with this team,
we have developed a strategic 3-to-5 year business plan to enrich
your investment.
Now, let’s discuss the current state of our business.
2001 was a year of challenges for our Company, challenges met
and managed. We started the year with a great deal of
enthusiasm, and with good reason. As the recognized technology
leader and innovator, we had developed the ERC II Forged
Titanium Driver, the best driver we ever introduced. As our
flagship product, it set the pace for our complete product
offering resulting in a record first quarter.
To My Fellow Shareholders