Culp agreement with shareholder nets newest board member

HIGH POINT — Culp Inc. has entered into a cooperation agreement with 22NW LP, one of its largest shareholders, adding Alexander B. Jones to the board, effective immediately. He also will serve as a nominee to its slate of directors at the September 2024 Annual Shareholders Meeting.

Jones is a vice president and senior research analyst at 22NW where he oversees the firm’s investments in the industrials, materials and consumer sectors. He is currently an Independent director at the L.B Foster Company.

“We are pleased to have reached this agreement with 22NW for Alex to join the board,” said Franklin Saxon, Culp chairman of 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.”

22NW’s Portfolio Manager and founder Aron R. English added, “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.”

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.

See also:

  • Culp outlines roadmap to profit with 2 North American factory closures
  • Culp narrows loss in Q3 buoyed by higher sales in upholstery and mattress segments

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