EARL N. PHILLIPS, JR. ELECTED AS DIRECTOR OF CULP, INC.
EARL N. PHILLIPS, JR. ELECTED AS DIRECTOR OF CULP, INC. HIGH POINT, N.C., Jan. 21 /PRNewswire/ -- Culp, Inc. (NASDAQ-NMS: CULP) today announced that Earl (Phil) N. Phillips, Jr. has been elected to the company's Board of Directors. Phillips will initially fill one of two vacancies which now exist on the Board of Directors, but will be nominated to serve a full three-year term at Culp's 1992 annual meeting later this year. Robert G. Culp, III, chief executive officer, said, "Phil Phillips has a broad background covering not only a successful business career but also extensive work with a number of major educational and government institutions. We look forward to his participation as an outside director and to his counsel about the future direction for Culp, Inc." Phillips is co-founder and president of First Factors Corporation, an asset-based lending firm located in High Point. He also serves as a member of several Boards of Directors including First Union National Bank of North Carolina, The Business Foundation of North Carolina, Inc., National Commercial Finance Association, North Carolina Economic Development Board, The North Carolina Enterprise Corporation, University of North Carolina Endowment Fund, University of North Carolina Foundation, National Advisory Council for the U.S. Small Business Administration and Piedmont Triad Airport Authority. In 1991, Phillips stepped down as Chairman of the Board of Trustees of the University of North Carolina at Chapel Hill and and currently serves as a Trustee of High Point Regional Hospital. Phillips received a Bachelor of Science degree in Business Administration from the University of North Carolina at Chapel Hill and holds a MBA degree from Harvard Graduate School of Business Administration. Culp, Inc. is a leading manufacturer and marketer of fabrics for the furniture, bedding and institutional furnishings markets. The company's common shares are traded in the NASDAQ National Market System under the symbol CULP. -0- 1/21/92 /CONTACT: Frank Saxon, Vice President and CFO, Culp, Inc., 919-888-6266/ (CULP) CO: Culp, Inc. ST: North Carolina IN: TEX SU: PER
CM -- CH005 -- 1752 01/21/92 11:07 EST
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|Date:||Jan 21, 1992|
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