American Golf’s Co-Chief Executive Is Stepping Down

American Golf Corp., the largest manager of golf course properties which defaulted on its debt, said co-Chief Executive Joe Guerra is leaving the company.

Guerra, a 15-year veteran, is leaving “to pursue other interests,” the Santa Monica company said in a memo to employees, a copy of which was filed with the Securities and Exchange Commission.

David Pillsbury, the other co-chief executive, is staying, the company said.

The departure comes after closely held American Golf had an operating loss of $58.8 million in 2001, contrasted with income of $3.21 million in 2000, leading the company to default on its debt. American Golf blamed bad weather, a slowing economy and a glut of new courses for the decline in its business.