Shifts at Culp Inc. as Founder Reduces Role

Publicly traded textile major Culp Inc. has announced changes to its executive management structure effective Oct. 1.

Robert (Rob) Culp III, a company founder, remains as board chair but now is less involved in the day-to-day management of the business. He continues as a strategic adviser to the company and remains involved in customer and home furnishings industry relationships, according to a news release.

Frank Saxon, president and chief executive officer since 2007, has assumed the additional role vice chair of the board of directors. He joined Culp in 1983 and has been a board member since 1987.

Robert (Iv) Culp IV, president of ticking division Culp Home Fashions since 2004 and son of Rob Culp, now is chief operating officer, with responsibility for all Culp business units. He has been with Culp Inc. since 1998, serving in various capacities.

Boyd Chumbley, president of Culp Upholstery Fabrics division, and Paul Saunders, chief executive officer of Culp’s new e-commerce division eLuxury, now both report to Iv Culp.

“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 added, “We have a deep and talented management group that is functioning well together,” Saxon said. “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.

“We are also very pleased that we will continue to have the leadership and guidance that Rob Culp has provided to the company since its founding. Rob has unparalleled relationships within our industry, and he is highly admired and respected both within our organization and throughout the markets we serve.”