Culp, Inc. announced that its board of directors has elected Robert G. (Iv) Culp, IV, currently the company's president, chief operating officer and president of Culp Home Fashions, to become chief executive officer, effective January 1, 2020. At that time, Franklin N. Saxon, Culp's current chairman and chief executive officer, will assume the new role of executive chairman. These changes reflect the continuation of the board's long-standing succession planning process designed to provide continuity and a natural leadership evolution as the company continues to execute its growth strategy.

Iv Culp has been employed by the company since 1998 and has served in various capacities during his tenure, including as president of Culp Home Fashions, the company's mattress fabrics division, since 2004. He became the company's chief operating officer in 2018 and president in 2019. As a member of the company's senior leadership team for over fifteen years, he has played an integral role in the company's business and strategic planning.

Saxon joined the company in 1983 and has been a member of the board of directors since 1987. He has served in various capacities, including chief financial officer from 1985 to 1998 and president of Culp Velvets/Prints division from 1998 to 2004. Saxon was named president and chief operating officer of the company in 2004, and he became president and chief executive officer in 2007.

He was elected chairman of the board in 2019. Iv Culp will assume Saxon's responsibilities for operations of all the company's divisions. Sandy Brown and Boyd Chumbley, long-tenured leaders in the Culp Home Fashions and Culp Upholstery Fabrics divisions, respectively, and Paul Saunders, chief executive officer of eLuxury, which operates under the Culp Home Accessories division, will report to Culp in his new role.

Saxon will remain actively involved in the day-to-day operations of the company with specific responsibility for all corporate shared services, including finance, human resources, and information technology.