Callaway Execs Forgo/Drastically Reduce Pay

This is how all execs should be behaving. When you are laying off employees due to COVID, either stop your own pay or take a substantial cut.

The Release:

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As noted in the Current Report on Form 8-K filed by Callaway Golf Company (the “Company”) on March 25, 2020 with the Securities and Exchange Commission, the Company is proactively taking actions to significantly reduce costs and conserve cash in order to mitigate the impact of the coronavirus (“COVID-19”) outbreak on its business. In support of such initiative, Oliver G. (Chip) Brewer III, President and Chief Executive Officer, has voluntarily elected to forgo any base salary beginning with the next scheduled pay period. Other executive officers, including Brian P. Lynch, Executive Vice President and Chief Financial Officer, and the other current executive officers, have voluntarily elected to reduce their respective base salaries by 20% beginning with the next scheduled pay period. In addition, the base salaries of other members of senior management and other employees were reduced in graduated amounts. The reduction in base salaries does not affect any other compensation or benefits to which such officer or employee might be entitled. The Board of Directors of the Company has also voluntarily elected to waive all of the directors’ annual cash retainer fees for 2020. The annual retainer and base salary reductions are expected to be temporary and restored in whole or in part as the Company’s business recovers from the COVID-19 pandemic.