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Robert Culp IV Becomes CEO in 2020

October 8, 2019

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HIGH POINT, N.C. -- Robert Culp IV will become CEO of Culp Inc. on Jan 1, 2020.

Culp is one of the world's largest marketers of mattress fabrics for bedding as well as upholstery fabrics for residential and commercial furniture.

As part of the company’s senior leadership for over fifteen years, he is currently the company’s president, chief operating officer, and president of Culp Home Fashions.

“These changes reflect the continuation of the board’s long-standing succession planning process designed to provide continuity and a natural leadership evolution as the company continues to execute its growth strategy,” a company statement said.


Robert Culp IV becomes CEO on Jan. 1, 2020.

Culp IV has been employed by the company since 1998 and has served in various roles, including president of Culp Home Fashions, the company’s mattress fabrics division, since 2004. He became the company’s chief operating officer in 2018 and president in 2019.

FRANKLIN SAXON NAMED EXECUTIVE CHAIRMAN

In addition, Franklin Saxon, Culp’s current chairman and CEO, will assume the new role of executive chairman on Jan. 1.

Saxon joined the company in 1983 and has been a member of the board of directors since 1987. He has served in various capacities, including chief financial officer from 1985 to 1998 and president of Culp Velvets/Prints division from 1998 to 2004. Saxon was named president and chief operating officer of the company in 2004, and he became president and CEO in 2007. He was elected chairman of the board in 2019.

Culp IV will assume Saxon’s responsibilities for operations of all the company’s divisions.

Sandy Brown and Boyd Chumbley, leaders in the Culp Home Fashions and Culp Upholstery Fabrics divisions, respectively, and Paul Saunders, chief executive officer of eLuxury, which operates under the Culp Home Accessories division, will report to Culp in his new role.

Saxon will remain actively involved in the day-to-day operations of the company with specific responsibility for all corporate shared services, including finance, human resources, and information technology.

“Culp IV is a proven leader and brings the right complement of operational experience and strategic insight to this position,” Saxon said in a statement. “Having worked with him for over 20 years, I am confident he is well prepared and has the vision, skills, experience, and leadership capabilities necessary to be our chief executive officer.”

On behalf of the board of directors, Ken McAllister, lead director, added, “As part of the board’s ongoing focus on executive-succession planning, Frank and, prior to his death, Rob Culp, the company’s co-founder and former chairman, worked closely with the board over a period of years to plan this transition.”

Culp IV said in a statement, “I am especially proud to carry on the legacy of my father and grandfather, who founded and built a company known for innovation and an unwavering commitment to both our customers and shareholders. …Frank Saxon has played a pivotal role in the growth and success of Culp, and he will continue to serve as an important mentor and leader.

ABOUT THE COMPANY

Culp, Inc. [NYSE: CULP] is one of the world's largest marketers of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture. The company markets a variety of fabrics to its global customers of leading bedding and furniture companies, including fabrics produced at Culp’s manufacturing facilities and fabrics sourced through other suppliers. Culp has operations located in the United States, Canada, China and Haiti.
 


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