David Pillsbury and Joe Guerra Named Co-CEO's of American Golf.

Business Editors

SANTA MONICA, Calif.--(BUSINESS WIRE)--June 19, 2000

The board of directors of American Golf have announced that golf industry veterans David Pillsbury and Joe Guerra have been named co-CEO's of the company.

The creation of the new Office of the CEO is part of a dynamic restructuring program encompassing a fresh leadership structure and a comprehensive new business plan designed to help the company maintain its position as the world's leading golf operations company.

"This restructuring promises a dynamic new era for the company. Individually, David and Joe are two of the country's most talented, visionary and dedicated business professionals. Together, they make an unbeatable team that will help American Golf capitalize on the numerous opportunities that will emerge during the next several years, while at the same time build upon the company's countless accomplishments and strengths," said David G. Price, American Golf's founder and chairman of the board. "Under their leadership and stewardship, American Golf will re-focus its efforts on becoming a more customer- and sales-driven organization, as well as on expansion into international markets -- which will play a critical role in our growth during the next five to 10 years."

The Office of the CEO was established to accelerate the exploitation of the numerous growth opportunities within American Golf and the golf industry, and to allow the company to more quickly respond to changes in the increasingly competitive golf management business. Many of the company's important business functions will be co-managed by Pillsbury and Guerra, while others will be undertaken separately. Guerra will focus primarily on Golf Operations and Business Development, while Pillsbury will spearhead the Operations Support functions, Emerging Business Opportunities and corporate Administration.

Pillsbury and Guerra met in 1986 while earning their master's degrees in business administration from the University of Southern California, and have worked together at American Golf for more than 13 years in a number of integrated operational functions.

Prior to his appointment as co-CEO, Pillsbury served as American Golf's president and chief marketing officer, responsible for overseeing the company's vast marketing and sales organization encompassing national group and direct sales; national food and beverage sales and operations; private club membership sales support for 75 clubs; public golf membership products; national merchandise sales and operations; revenue management and guest/member service; player development, including the company's innovative Nike Golf Learning Centers; frequency and loyalty programs, including the 80,000-member American Golf Players Association; marketing communications; public relations, including such national programs as the Tiger Woods Junior Golf Clinics and Women In Golf Day; American Golf Central Reservations; American Golf's Web site at www.americangolf.com; and other key growth initiatives. He also was responsible for the human resources functions of training, development and recruiting.

Pillsbury began his career with American Golf in 1988 as a manager trainee in Long Beach. His broad range of assignments has included golf course manager, director of Operations for the Practice Center Division, and senior vice president of Marketing & Field Services, which included all corporate support functions such as Human Resources, Maintenance, Merchandise, etc. Among his numerous accomplishments, he helped to establish American Golf Country Clubs (AGCC), a separate operating division devoted exclusively to private club acquisition and management. In 1994, Pillsbury headed up AGC 2000, American Golf's last initiative to re-engineer the company.

In addition to his master's degree, Pillsbury holds a bachelor of arts degree in public policy/administration from the University of California, Berkeley, where he was also co-captain of the CAL football team.

Guerra was named co-CEO after serving as American Golf's executive vice president. In this capacity he was integral to all aspects of American Golf's operations and growth, and was principally responsible for the organization's worldwide expansion. Guerra directed the company's aggressive acquisition and development of private, resort and daily fee golf properties throughout the United States and North America. Additionally, he has led American Golf's expansion into Europe, Asia and Australia, and is responsible for the acquisition of more than 200 country clubs and golf courses worldwide.

Since joining American Golf in 1987, Guerra has held a variety of operational and business development positions, including assistant to the chairman, vice president of Construction, vice president of Acquisitions, vice president of Operations and senior vice president of Corporate Development.

Guerra received his bachelor of science degree in real estate finance from California State Polytechnic, Pomona, in addition to his master's degree from the University of Southern California.

Pillsbury and Guerra both have four children and live with their families in Manhattan Beach, Calif.

In a related move, Kevin Roberts has been named president of International Operations. Joe Munsch has made the decision to transition his day-to-day operating responsibilities, but will continue to work with and advise the Office of the CEO on all matters. His ongoing involvement through 2001 will assure continued emphasis on issues relating to improving the quality of American Golf's facilities and management team.

"I believe this superb new leadership structure will better position us to meet the many challenges ahead," said Price. "Because most of these challenges will be linked to our customers' needs and playing habits, our new business plan will help us to become a more customer- and sales-driven organization, as well as to foster a culture of personal responsibility, accountability and stewardship. At the same time, the new plan will help us to stay focused on the core values and beliefs that have brought American Golf where it is today."

Santa Monica-based American Golf is the largest operator of golf facilities in the world. The company employs more than 22,000 men and women nationwide and operates more than 320 private, resort and daily fee golf courses and practice centers in the United States and United Kingdom. With a steadfast commitment to opening the game of golf to wider audiences, American Golf operates a variety of precedent-setting player development programs for juniors, inner-city youths, women and families...an effort that recently earned the company the 1999 Golf Digest Junior Development Award. Since 1985, American Golf's unique Adopt-A-Charity program -- operated under the auspices of the American Golf Foundation -- has raised more than $32 million for local non-profit organizations throughout the United States through charitable golf tournaments and special events. American Golf's Web site can be accessed at www.americangolf.com.