Culp shareholders elect board, approve auditor and executive pay at annual meeting

Culp, Inc. (NYSE:CULP), a $54.45 million market cap company currently trading at $4.27, reported Thursday that shareholders approved all proposals at its annual meeting held Wednesday. According to InvestingPro data, the stock has declined 26.58% year-to-date, reflecting ongoing operational challenges.

According to a press release statement and the company’s filing with the Securities and Exchange Commission, shareholders elected eight directors to serve until the 2026 annual meeting, or until successors are elected and qualified. The directors elected were J. Douglas Collier, Robert G. Culp IV, Kimberly B. Gatling, Lynn D. Heatherton, Fred A. Jackson, Alexander B. Jones, Franklin N. Saxon, and William L. Tyson. Vote counts for each nominee ranged from 7,380,496 to 9,204,490 shares in favor, with between 30,873 and 1,854,867 shares withheld.

Shareholders also ratified the appointment of Grant Thornton LLP as the company’s independent auditors for fiscal 2026. The proposal received 10,681,598 votes in favor, 13,623 against, and 16,474 abstentions.

Additionally, an advisory resolution to approve the compensation of the company’s named executive officers, known as a “Say-on-Pay” vote, passed with 7,489,641 votes for, 1,677,090 against, and 68,632 abstentions.

All results are based on the company’s SEC filing and official press release. Culp, Inc. is based in High Point, North Carolina, and its common stock trades on the New York Stock Exchange under the symbol CULP.

In other recent news, Culp Inc . reported a disappointing start to fiscal year 2026, missing earnings expectations. The company announced an earnings per share (EPS) of -$0.02, falling short of the forecasted $0.09. Despite this earnings miss, Culp Inc. noted improvements in gross profit and mentioned ongoing operational restructuring efforts during its earnings call. These developments reflect the company’s focus on enhancing its operational efficiency amidst financial challenges. While the earnings miss was significant, the company emphasized its strategic initiatives aimed at long-term growth. Investors are likely to keep an eye on these efforts as they assess the company’s future prospects.

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