Daily News
From Home Furnishing Business
Culp Announces Addition of Board Member & New Agreement
June 19,
2024 by HFBusiness Staff in Business Strategy, Industry 
Culp, Inc. announced that it has entered into a cooperation agreement with 22NW, LP, one of the Company’s largest shareholders.
Pursuant to the agreement, the Company will add Mr. Alexander B. Jones to the board, effectively immediately, and Mr. Jones will serve as a nominee to its slate of directors at the September 2024 Annual Shareholders Meeting. Mr. Jones is a Vice President and Sr. Research Analyst at 22NW where he oversees the firm’s investments in the industrials, materials, and consumer sectors. Mr. Jones is currently an Independent Director at the L.B Foster Company.
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. Jones, Vice President, and Sr. Research Analyst at 22NW, LP, commented, “I am honored to be joining the CULP Board. I look forward to working constructively with management and the Board on topics relevant for all shareholders, particularly on issues like investor communications and capital allocation.”
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.