---
schema_version: "secwatch.filing_event.v1"
accession: "0001564590-22-026693"
form_type: "8-K"
ticker: "CULP"
cik: "0000723603"
company_name: "CULP INC"
filed_at: "2022-07-27T23:59:59+00:00"
generated_at: "2026-06-24T08:23:26.452994+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001564590-22-026693
- form_type: 8-K
- ticker: CULP
- cik: 0000723603
- company_name: CULP INC
- filed_at: 2022-07-27T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723603/000156459022026693/0001564590-22-026693-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723603/000156459022026693/culp-8k_20220721.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001564590-22-026693
- JSON: https://secwatch.observer/filing/0001564590-22-026693.json
- Plain text: https://secwatch.observer/filing/0001564590-22-026693.txt

## Key facts
- Executive change
  Franklin N. Saxon changed role as Chairman of the Board at CULP INC.
  - Action: modified role
  - Role: Chairman of the Board
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723603/000156459022026693/0001564590-22-026693-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.