Coastcast Corp. Announces Management and Cost-Saving Compensation Changes.RANCHO ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. DOMINGUEZ, Calif.--(BUSINESS WIRE)--Oct. 30, 1998-- Coastcast Corp. (NYSE NYSE See: New York Stock Exchange :PAR) Friday announced that Hans Buehler, chairman of the board, has resumed the duties of chief executive officer. Coastcast also announced that significant cost-saving changes have been implemented in connection with the company's compensation plans. Buehler, founder of Coastcast, previously served as chief executive officer of the company from its inception until the end of 1997. Richard Mora MORA, In civil law. This term, in mora, is used to denote that a party to a contract, who is obliged to do anything, has neglected to perform it, and is in default. Story on Bailm. Sec. 123, 259; Jones on Bailm. 70; Poth. Pret a Usage, c. 2, Sec. 2, art. 2, n. will continue as Coastcast's president and a member of its board of directors. In addition, Buehler has voluntarily relinquished all of his rights under Coastcast's supplemental executive retirement plan, which would have provided lifetime benefits to him following his retirement. Buehler has also recommended curtailment Curtailment The act of contracting or reducing operations of a company in the hope of bringing it financial or operational stability. This management technique is often used when a company has grown too fast and is unable to effectively manage its operations. of the plan to the Coastcast Board, which will result in additional substantial savings to Coastcast. In a separate cost-saving measure, Buehler and Mora have voluntarily reduced their annual salary rates by more than 20 percent. Compensation of other salaried employees has also been reduced. The board of directors has also taken action to further align shareholder and management interests and amended Coastcast's employee stock option plan and non-employee director stock option plan to preclude repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing of outstanding options without shareholder approval. In announcing these changes, Buehler said: "The management team and I are devoting all of our time and energy to containing costs in a softening market for our golf products. We have faced these downturns before and are experienced in tightening our belts when we have to. "I am extremely pleased with the way our management team has reacted to the challenges facing us and the positive steps they have taken to make the necessary changes. We will continue to act in the best interests of all of our shareholders," Buehler added. Coastcast, a leading manufacturer of golf clubheads, produces metal woods, irons and putters in a variety of metals including stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. and titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. . Customers include Callaway, Cleveland, Cobra, Daiwa, Odyssey, Taylor Made, Titleist, and Wilson. The company also manufactures a variety of investment-cast orthopedic implants and surgical tools that are made to customers' specifications. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion