Culp Executive Chairman Franklin Saxon transitions to non-executive chairman role effective Sept 1, 2022

CULP INC

Franklin Saxon will cease being a full-time employee and executive officer, remaining as board chairman and strategic advisor.
Annual cash compensation set at $350,000 paid quarterly; employee benefits and auto allowance terminated.
Change of Control and Non-Competition Agreement dated 2007 terminated as of Sept 1, 2022.
Saxon has been with Culp for nearly 40 years, previously serving as CEO from 2007 to 2019.

item 5.02 item 9.01

Executive movements

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Role change

Franklin N. Saxon

Chairman of the Board

CULP · CULP INC

Effective: 2022-09-01
Filed: July 27, 2022, 7:59 PM ET

Effective September 1, 2022, Mr. Saxon’s duties will change such that he is less involved in day to day management, as he will no longer be a full time employee or an executive officer of the Company.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Franklin N. Saxon changed role as Chairman of the Board at CULP INC.

Action: modified role
Role: Chairman of the Board

Exact text from the filing

Effective September 1, 2022, Mr. Saxon’s duties will change such that he is less involved in day to day management, as he will no longer be a full time employee or an executive officer of the Company.

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CULP INC filing history →

Source: SEC EDGAR

accession 0001564590-22-026693

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