Callaway 2014 Annual Report Download - page 24

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agreement was terminated in 2011, TMAX exited the business and TMAX entered into a general assignment for the benefit
of creditors. Prior to that, Mr. Leposky served in various operations roles for Fisher Scientific International, TaylorMade-
Adidas Golf, the Coca-Cola Company and the United Parcel Service Company. Mr. Leposky began his career serving as a
U.S. Army and Army National Guard Infantry Officer (Rank Major). Mr. Leposky received an M.B.A. from the Keller Graduate
School of Management and a B.S. in Industrial Technology from the Southern Illinois University.
Alex M. Boezeman is President, East Asia and has served in such capacity since July 2011. In this role, Mr. Boezeman
is responsible for the overall management functions in East Asia, including Japan, Korea and China. Prior to July 2011,
Mr. Boezeman held the positions of President, Asia Region, including Japan and China, since 2002, and President, Japan since
2001, and has held various positions since joining the Company in 1997, including Vice President Asia Marketing and Business
Development, General Manager, ERC International and Director of Advertising and Promotion. Mr. Boezeman has a Bachelor
of Business Administration in International Business from the University of Hawaii.
Neil Howie is President, Europe, Middle East and Africa and has served in such capacity since July 2011. In this role,
Mr. Howie is responsible for the overall management functions in Europe, Middle East and Africa. Mr. Howie held the position
of Managing Director of Callaway Golf Europe Ltd. since 2003, and has held various other positions since joining the Company
in 1998, including Odyssey Brand Manager, U.K. Sales Manager, Regional Sales Manager and Director of European Sales.
Prior to joining the Company in 1998, Mr. Howie served as Managing Director of Rogue Golf Company Ltd.
Information with respect to the Company’s employment agreements with its Chief Executive Officer, Chief Financial
Officer and other three most highly compensated executive officers will be contained in the Company’s definitive Proxy
Statement in connection with the 2015 Annual Meeting of Shareholders. In addition, copies of the employment agreements
for all the executive officers are included as exhibits to this report.
Access to SEC Filings through Company Website
Interested readers can access the Company’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (the “Exchange Act”) through the Investor Relations section of the Company’s website at
www.callawaygolf.com. These reports can be accessed free of charge from the Company’s website as soon as reasonably
practicable after the Company electronically files such materials with, or furnishes them to, the U.S. Securities and Exchange
Commission (the "Commission"). In addition, the Company’s Corporate Governance Guidelines, Code of Conduct and the
written charters of the committees of the Board of Directors are available in the Corporate Governance portion of the Investor
Relations section of the Company’s website and are available in print to any shareholder who requests a copy. The information
contained on the Company’s website shall not be deemed to be incorporated into this report.
Item 1A. Risk Factors
Certain Factors Affecting Callaway Golf Company
The Company’s business, operations and financial condition are subject to various risks and uncertainties. The Company
urges you to carefully consider the risks and uncertainties described below, together with all of the other information in this
Annual Report on Form 10-K, including those risks set forth under the heading entitled “Important Notice to Investors
Regarding Forward-Looking Statements,” and in other documents that the Company files with the Commission, before making
any investment decision with respect to the Company’s securities. If any of the risks or uncertainties actually occur or develop,
the Company’s business, financial condition, results of operations and future growth prospects could be adversely affected.
Under these circumstances, the trading prices of the Company’s securities could decline, and you could lose all or part of
your investment in the Company’s securities.
Unfavorable economic conditions could have a negative impact on consumer discretionary spending and therefore
negatively impact the Company’s results of operations, financial condition and cash flows.
The Company sells golf clubs, golf balls and golf accessories. These products are recreational in nature and are therefore
discretionary purchases for consumers. Consumers are generally more willing to make discretionary purchases of golf products
during favorable economic conditions and when consumers are feeling confident and prosperous. Discretionary spending is
also affected by many other factors, including general business conditions, interest rates, the availability of consumer credit,
taxes and consumer confidence in future economic conditions. Purchases of the Company’s products could decline during
periods when disposable income is lower, or during periods of actual or perceived unfavorable economic conditions. A