Daily News
From Home Furnishing Business
Culp Announces Changes to Executive Management Structure
September 24,
2018 by Jane Chero in Business Strategy, Industry 
Culp, Inc. (NYSE: CULP) has announced that changes to the company’s executive management structure have been approved by the board of directors.
Company founder Robert G. (Rob) Culp, III, will remain chairman of the board, but he will change his role to become less involved in the day to day management of the company. He will continue to be a strategic advisor and remain involved in customer and home furnishings industry relationships.
Franklin G.(Iv) Culp, IV, president of Culp Home Fashions, the company’s mattress fabrics division, has been named chief operating officer of Culp, Inc. He will assume expanded responsibilities for overseeing the operations of all the company’s businesses, in addition to his continued leadership of Culp Home Fashions. Iv Culp has been employed by the company since 1998 and has served in various capacities during his tenure. Boyd B. Chumbley will continue to serve as president of Culp Upholstery Fabrics, and Paul Saunders will continue as CEO of eLuxury, the company’s new e-commerce division. Both will report to Iv Culp in his new role.
“I have been very fortunate to serve this company since the day it opened,” Rob Culp said. “At the same time, I am happy to have the opportunity to turn more of the daily management of the firm over to others, and I have complete confidence in their ability to keep Culp, Inc. on a successful trajectory. These changes are part of a natural evolution for the company’s leadership. The entire board is excited about the energy and vision of our leadership team. I look forward to participating with them in the company’s continued success.”
Saxon commented, “We have a deep and talented management group that is functioning well together. I expect a smooth transition as we continue working to maintain Culp’s position as a premier provider of products for the home furnishings industry. Iv Culp is an excellent manager who has proven himself while leading the growth and success of the mattress fabrics division. He is very well suited by experience and talent to take on additional responsibilities as our chief operating officer. I know he will perform well in this expanded role.”