- Push-out Score determined
- After almost 13 years in the position
- Praise and thanks for Saxon
- Iv Culp taking over
- Saxon will remain as executive chairman at Culp
- Saxon spoke at length and said 133 words
(exechange) — High Point, North Carolina, September 26, 2019 — Frank Saxon, chief executive of Culp, leaves his position. As announced by Culp Inc. in a news release on Thursday, September 26, 2019, Franklin N. (Frank) Saxon leaves his post as chief executive officer at the mattress manufacturing company after almost 13 years in the role, effective December 31, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange. On an accumulated basis, around 26% of the CEOs who announced their departure over the past 12 months left their posts after more than 10 years.
Frank Saxon’s duties as CEO will be taken over by Robert G. (Iv) Culp, currently president, chief operating officer and president of Home Fashions of Culp, Inc.
“Long-standing succession planning process”
Frank Saxon’s departure from the CEO post is explained as follows. Culp said: “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.”
Saxon will remain as executive chairman at Culp
“Culp, Inc. (NYSE: CULP) today 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,” Culp said.
Share price decline
The announcement follows a decline in Culp, Inc.’s share price of 47% since January 2018.
In the position of CEO since 2007
Frank Saxon became CEO of the Company in May 2007.
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.
Saxon has been employed by the Company since 1983, serving in various capacities, including chief financial officer from 1985 to 1998.
In 1998, Saxon was elected president, Culp Velvets/Prints division.
From 2001 through 2004, Saxon served as executive vice president, chief financial officer and president, Culp Velvets/Prints division.
The Board elected Saxon president and chief operating officer of the Company in 2004.
He was elected as president and chief executive officer in 2007 and was elected as vice chairman of the Board in 2018.
In April 2019, the Board elected Saxon as chairman of the Board.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 39.2019 ($).