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Culp Inc declares corporate developments

17 Aug '06
2 min read

Culp Inc announced that Patrick H. Norton has resigned as a member of the company's Board of Directors, effective August 14, 2006.

Mr. Norton served on the Culp board of directors for 19 years, having joined the board in 1987. His term as a Director was set to expire at the company's 2006 annual meeting of shareholders, which is currently scheduled for September 26, 2006.

Mr. Norton has been associated with La-Z-Boy Incorporated, a leading furniture manufacturer and retailer based in Monroe, Michigan, since 1981, serving most recently as Chairman of the Board of La-Z-Boy. Mr. Norton retired from that position effective August 16, 2006.

Robert G. Culp, III, Chairman of the board and Chief Executive Officer of Culp Inc, noted Mr. Norton's history of service to the company and commented on his departure.

"Pat Norton has been a great friend and a great advisor to Culp for many years. He is also a giant in our industry, and his counsel as a member of our board has been invaluable. Although Pat will no longer be a member of our board, I am very glad to report that our board has decided to name him as a Director Emeritus."

As previously disclosed, H. Bruce English, another member of the company's board of directors, died unexpectedly on August 3, 2006.

The death of Mr. English required the company to notify the New York Stock Exchange (NYSE) that it no longer had a majority of independent directors as required by NYSE rules.

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