The Carlsbad company also plans to change its NYSE ticker symbol from ELY to MODG as Topgolf marches toward becoming its largest business division.
Callaway Golf is changing its name to Topgolf Callaway Brands, highlighting that the trendy Topgolf driving range/entertainment venues are expected to become the “embedded growth engine” for the Carlsbad company in coming years.
“With the change, our new corporate identity will reinforce the opportunities that are anchored in our strong heritage business and at the same time build important awareness for our strategic shift towards exciting new ventures in the Modern Golf and active lifestyle segments,” said Chief Executive Chip Brewer in a statement.
“Ticker symbols are meant to be memorable,” said Casey Alexander, an analyst with Compass Point Research and Trading. “It used to be an incredible badge of honor to have a single-letter ticker symbol. U.S. Steel — X. AT&T — T. “Clearly, Topgolf is the embedded growth engine of the company,” he said. “They are opening 11 venues a year. It will become the biggest division by default simply because golf equipment can’t keep pace with a business that can open new locations at double-digit rates. “
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