Exhibit 99.1

                     Callaway Golf Launches Search for CEO

    CARLSBAD, Calif.--(BUSINESS WIRE)--Dec. 15, 2004--Callaway Golf
Company (NYSE:ELY) today announced it is beginning the search process
for a Chief Executive Officer to whom current CEO William C. Baker can
ultimately turn over management responsibilities. Mr. Baker, who was
appointed to the CEO position on August 2, 2004, will lead the search.
Mr. Baker also serves as Chairman of the Board and has been a director
of Callaway Golf since 1994. At the time of his appointment to the CEO
position in August, no specific term of office was announced by the
Board. Instead, Mr. Baker agreed to assume the leadership role for
such period of time as he and the Board deemed appropriate.
    Upon his appointment, Mr. Baker, 71, immediately began a review
and revision of Callaway Golf's product offerings and launch dates for
2005 and engaged in a complete business review, including strategic
initiatives and succession planning. As a result of these efforts, the
Board has determined this is the appropriate time to commence a formal
search for Mr. Baker's successor.
    Mr. Baker stated, "As the current CEO, one of my most important
responsibilities is the identification and training of my successor.
With the overall review of the Company's business and strategic plans
well underway, I believe that now is the time to begin this search. An
important task like this cannot be rushed and must be coordinated with
the findings of our overall business review. We believe strongly in
the Callaway Golf family of brands and look forward to emerging from
this transition period a stronger, more focused Company."
    Callaway Golf Company makes and sells Big Bertha(R) Woods, Hybrids
and Irons, including ERC(R) Fusion(R) Drivers and Fairway Woods, Great
Big Bertha(R) II Titanium Drivers and Fairway Woods, Great Big Bertha
II 415 Titanium Drivers, Big Bertha Titanium Drivers and Big Bertha
Stainless Steel Fairway Woods, Big Bertha Heavenwood(R) Hybrids, Big
Bertha Fusion Irons, Hawk Eye(R) VFT(R) Tungsten Injected(TM) Titanium
Irons, Big Bertha Stainless Steel Irons, Steelhead(R) X-16(R) and
Steelhead X-16 Pro Series Stainless Steel Irons, the Game Enjoyment
System(TM) of GES(TM) Golf Clubs, Callaway Golf Forged+ Wedges and
Callaway Golf Forged Wedges, and Callaway Golf Tour Blue(TM) Putters.
Callaway Golf Company also makes and sells Odyssey(R) Putters,
including White Steel(TM), White Hot(R), TriHot(R), DFX(R), Dual
Force(R) and 2-Ball Putters. Callaway Golf Company makes and sells the
Callaway Golf(R) HX(R) Tour Balls, HX Blue and HX Red Balls, Big
Bertha(TM) Blue and Big Bertha Red Balls, and the Warbird(R) Balls.
Callaway Golf also owns and operates The Top-Flite Golf Company, a
wholly owned subsidiary that includes the Top-Flite(R) and Ben
Hogan(R) brands and Bettinardi Putters. The Trade In! Trade Up!(TM)
program is owned and operated by Callaway Golf Company. For more
information about Callaway Golf Company, please visit our websites at
www.callawaygolf.com, www.topflite.com, www.odysseygolf.com and
www.tradeintradeup.com.

    CONTACT: Callaway Golf Company
             Larry Dorman/Steve McCracken, 760-931-1771