Alexander B. Jones from 22NW, LP to be Added to the Board and Nominated to Serve on Culp, Inc. Board of Directors at 2024 Annual Shareholders Meeting.
Culp has entered a cooperation agreement with its major shareholder, 22NW. As part of this agreement, Alexander B. Jones from 22NW will join Culp's board and will be nominated for a position at the 2024 Annual Shareholders Meeting. Jones, who oversees investments at 22NW, is also an Independent Director at L.B. Foster Company. Both parties have expressed optimism about the collaboration, especially given Culp's ongoing restructuring plan. The full agreement will be filed with the SEC as a form 8-K.
- Culp's cooperation agreement with 22NW brings a significant shareholder into a collaborative role.
- Alexander B. Jones' appointment to the board adds expertise in industrials, materials, and consumer sectors.
- Positive remarks from both Culp's chairman and 22NW's portfolio manager suggest strong support for Culp's restructuring initiatives.
- The announcement lacks specific financial data or immediate business impacts, making it harder to assess short-term benefits.
Pursuant to the agreement, the Company will add Mr. Alexander B.
Franklin Saxon, Culp, Inc. Chairman of the Board of Directors, commented on the agreement, “We are pleased to have reached this agreement with 22NW for Alex to join the board. Our interactions with Alex and 22NW have been constructive over the years, and as we execute our recently announced restructuring plan, we are pleased to have Alex’s perspectives and insights as a Board member.”
Aron R. English, 22NW’s Portfolio Manager and Founder, commented, “We appreciate the constructive dialogue we have had with Culp. We are encouraged by and supportive of the Company’s restructuring initiatives, and we look forward to Alex’s contributions to the board for the benefit of all shareholders.”
Alexander B.
In the agreement, Culp, Inc. and 22NW have agreed to customary standstill, voting and other provisions. The complete agreement between Culp, Inc. and 22NW will be filed with the SEC as an exhibit to a form 8-K.
About Culp, Inc.
Culp, Inc. 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 customer base of leading bedding and furniture companies, including fabrics produced at Culp’s manufacturing facilities and fabrics sourced through other suppliers. Culp has manufacturing and sourcing capabilities located in
About 22NW, LP
22NW, LP is a
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Investor Relations Contact
Ken Bowling, Executive Vice President, Chief Financial Officer, and Treasurer:
(336) 881-5630
krbowling@culp.com
Source: Culp, Inc.
FAQ
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