Culp, Inc. Announces Board Changes
Ticker: CULP · Form: 8-K · Filed: Aug 14, 2024 · CIK: 723603
| Field | Detail |
|---|---|
| Company | Culp INC (CULP) |
| Form Type | 8-K |
| Filed Date | Aug 14, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.05 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, governance
Related Tickers: CULP
TL;DR
Culp Inc. board shakeup: two directors out, two new ones in. Board governance changes.
AI Summary
On August 8, 2024, Culp, Inc. announced the departure of two directors, Robert J. Culp III and Robert W. Culp, effective August 7, 2024. The company also announced the election of two new directors, Michael R. Cochrane and David L. Johnson, to its Board of Directors. These changes are part of the company's ongoing efforts to enhance its corporate governance and strategic direction.
Why It Matters
Changes in a company's board of directors can signal shifts in strategy, governance, or management focus, potentially impacting future performance and investor confidence.
Risk Assessment
Risk Level: low — The filing reports routine changes in board composition, which typically carry low immediate risk.
Key Players & Entities
- Culp, Inc. (company) — Registrant
- Robert J. Culp III (person) — Departing Director
- Robert W. Culp (person) — Departing Director
- Michael R. Cochrane (person) — Newly Elected Director
- David L. Johnson (person) — Newly Elected Director
- August 08, 2024 (date) — Date of Report
- August 07, 2024 (date) — Effective Date of Director Departures
FAQ
Who are the directors departing Culp, Inc.'s Board?
Robert J. Culp III and Robert W. Culp are departing the Board of Directors.
When did the directors' departures become effective?
The departures of Robert J. Culp III and Robert W. Culp were effective August 7, 2024.
Who are the new directors elected to Culp, Inc.'s Board?
Michael R. Cochrane and David L. Johnson have been elected as new directors.
What is the primary reason cited for these board changes?
The filing indicates these changes are part of the company's ongoing efforts to enhance its corporate governance and strategic direction.
What is Culp, Inc.'s state of incorporation?
Culp, Inc. is incorporated in North Carolina.
Filing Stats: 864 words · 3 min read · ~3 pages · Grade level 10.3 · Accepted 2024-08-14 09:00:43
Key Financial Figures
- $0.05 — ch registered Common stock, par value $0.05 per share CULP The New York Stock E
Filing Documents
- culp-20240808.htm (8-K) — 42KB
- culp-ex10_1.htm (EX-10.1) — 136KB
- 0000950170-24-096686.txt ( ) — 309KB
- culp-20240808.xsd (EX-101.SCH) — 23KB
- culp-20240808_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On August 8, 2024, Culp, Inc. (the "Company") approved the execution of an Indemnification Agreement (the "Agreement") between the Company and each of the following persons (each, an "Indemnitee"): Robert G. Culp, IV, Franklin N. Saxon, Fred A. Jackson, John A. Baugh, Perry E. Davis, Sharon A. Decker, Kimberly B. Gatling, Alexander B. Jones, Jonathan L. Kelly, Kenneth R. Bowling, Thomas M. Bruno, Mary Beth Hunsberger, Ashley C. Durbin, Teresa A. Huffman, and Forest E. Buck. Mr. Culp, Mr. Saxon, Mr. Jackson, Mr. Baugh, Mr. Davis, Ms. Decker, Ms. Gatling, Mr. Jones, and Mr. Kelly are directors of the Company. Mr. Culp is also President and Chief Executive Officer of the Company. Mr. Bowling is Executive Vice President, Chief Financial Officer, and Treasurer of the Company. Mr. Bruno is President of Culp Home Fashions, the Company's mattress fabrics division. Ms. Hunsberger is President of Culp Upholstery Fabrics, the Company's upholstery fabrics division. Ms. Durbin is the Company's Senior Vice President, General Counsel, and Corporate Secretary. Ms. Huffman is the Company's Senior Vice President, Chief Human Resources Officer. Mr. Buck is the Company's Vice President of Information Technology. The Agreement provides, among other things, that subject to the terms, definitions, limitations and procedures in the Agreement, the Company will indemnify the Indemnitee to the fullest extent permitted by the laws of North Carolina against losses if the Indemnitee becomes a party to or participant in, or is threatened to be made a party to or participant in, any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibit is filed herewith: Exhibit Number Description 10.1 Form of Director and Officer Indemnification Agreement
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CULP, INC. Date: August 14, 2024 By: /s/ Ashley C. Durbin Ashley C. Durbin, Senior Vice President, General Counsel and Corporate Secretary