Culp, Inc. enters into multi-year agreement with biggest shareholder
Culp, Inc. (CULP) announced that it has entered into a new, multi-year cooperation agreement with its largest shareholder, Seattle-based 22NW, LP. Among other voting, governance and standstill provisions, 22NW will provide its voting support to CULP at its 2025 and 2026 Annual Meetings of Shareholders pursuant to the agreement. In addition, new independent director candidates, Doug Collier and Lynn Heatherton will be nominated for election to the Company's board of directors at its 2025 and 2026 Annual Meetings of Shareholders along with Alexander B. Jones of 22NW, who joined the board in 2024 as part of an agreement between CULP and 22NW. The current size of the Company's board of directors will not be increased in connection with these nominations. Robert G. Culp, IV, President and Chief Executive Officer of CULP, commented, 'This new cooperation agreement with 22NW will provide support for CULP's management, employees and customers and, once again, demonstrates our willingness and ability to work constructively with investors to generate positive outcomes for all stakeholders.'
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