Culp, Inc. Announces Franklin N. Saxon Will No Longer Serve as Co-Principal Executive Officer
July 27, 2021 at 04:35 pm EDT
Share
On July 22, 2021, the board of directors of Culp, Inc. determined that Mr. Franklin N. Saxon, Executive Chairman, will no longer serve as co-principal executive officer of the Company for purposes of documents and certifications to be filed with or submitted to the Securities and Exchange Commission or the New York Stock Exchange and for similar or related purposes. The board of directors further determined that Mr. Robert G. Culp, IV, President and Chief Executive Officer and formerly co-principal executive officer for such purposes, will serve as the sole principal executive officer of the Company for such purposes going forward. Mr. Saxon and Mr. Culp will both continue to serve as executive officers of the Company, with no change in their titles.
Culp, Inc. is a marketer of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture. The Company markets a variety of fabrics to its global customer base of bedding and furniture companies, including fabrics produced at the Company's manufacturing facilities and fabrics sourced through other suppliers. The Company operates through two segments. The mattress fabrics segment markets primarily knitted and woven fabrics, as well as sewn covers made from those fabrics, which are used in the production of bedding products, including mattresses, foundations, and mattress sets. The upholstery fabrics segment markets a variety of fabric products that are used principally in the production of residential and commercial upholstered furniture, including sofas, recliners, chairs, loveseats, sectionals, sofa-beds, and office seating, as well as window treatment products and installation services for customers in the hospitality and commercial industries.
CULP, INC. 