Alexander B. Jones
About Alexander B. Jones
Alexander B. Jones (age 39) is an independent director of Culp, Inc., serving since 2024. He is Vice President and Senior Research Analyst at 22NW, LP, one of CULP’s largest shareholders, overseeing investments in industrials, materials, and consumer sectors. Prior roles include founder/principal of Porter Street Research and investment analyst positions at Legacy/Bonner & Partners, Brookings Institution, and Cambridge Associates. Jones also serves on the board of L.B. Foster Company (NASDAQ: FSTR), bringing investor communications and capital allocation expertise; he has been deemed independent by the Board and qualifies as an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| 22NW, LP | Vice President, Senior Research Analyst | 2021–present | Oversees industrials, materials, consumer investments; large shareholder perspective |
| Porter Street Research, LLC | Founder & Principal | 2017–2021 | Independent research/advisory; investor communications |
| Legacy Research / Bonner & Partners | Investment Analyst | 2017–2019 | Equity research |
| Brookings Institution | Investment Analyst | 2015–2017 | Institutional investment analysis |
| Cambridge Associates | Senior Investment Associate | 2008–2015 | Manager due diligence, asset allocation |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| L.B. Foster Company (NASDAQ: FSTR) | Director | Current | Board service; infrastructure products/services |
Board Governance
- Independence: Board determined Jones is independent under NYSE standards and company categorical standards; also designated an audit committee financial expert.
- Committees: Audit Committee member; Compensation Committee member; Strategy Committee member (committee established for strategic initiatives). Not a committee chair.
- Attendance: In FY2025 the Board met 14 times; each Board member then on the Board attended at least 75% of Board and committee meetings.
- Lead Independent Director: Fred A. Jackson serves as Lead Independent Director (since 9/29/2021).
- Anti-hedging/pledging: Company policy prohibits hedging; pledging strongly discouraged and requires pre-clearance; none of the executive officers or directors have pledged any Company securities.
- Director nomination context: Jones was appointed pursuant to a cooperation agreement with the 22NW Investor Group (2024) and renominated under an updated cooperation agreement (2025) that also established the Strategy Committee and imposed standstill/voting commitments.
Fixed Compensation
| Component | FY2025 Amount | Notes |
|---|---|---|
| Annual cash retainer | $55,000 | Non-employee directors; paid quarterly |
| Meeting fees | None disclosed | No per-meeting fees disclosed |
| Committee chair fees | None (Jones not chair) | Chair fees not disclosed; Jones is not a chair |
| Lead Independent Director retainer (context) | $60,000 | For LID (Jackson), not applicable to Jones |
Performance Compensation
| Grant Date | Award Type | Units/Shares | Grant Date Fair Value | Vesting Schedule |
|---|---|---|---|---|
| Sep 26, 2024 | Service-based RSUs | 9,197 | $55,000 | Vest on earlier of one-year anniversary or next annual meeting ≥50 weeks after prior meeting, subject to continued service |
- Director equity awards are service-based (no performance metrics); number of units determined by grant-date closing price ($5.98).
Other Directorships & Interlocks
- Current public company board: L.B. Foster Company (FSTR).
- Compensation committee interlocks: Company discloses none—no executive officer serves on a compensation committee of another entity whose executive serves on CULP’s Board/Comp Committee.
- Interlocks with competitors/suppliers/customers: Not disclosed.
Expertise & Qualifications
- Board-designated audit committee financial expert; financially literate.
- Strengths include investor communications, capital allocation, and shareholder perspective; strategic oversight via Strategy Committee membership.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Breakdown/Notes |
|---|---|---|---|
| Alexander B. Jones | 9,722* | <1%* | Includes 9,197 service-based RSUs vesting within 60 days of 7/29/2025; footnote notes Jones’s role at 22NW and excludes Investor Group holdings beyond his direct beneficial ownership |
| Shares outstanding (record date) | 12,605,306 | — | Shares entitled to vote at 2025 meeting |
- Large shareholder context: 22NW Investor Group beneficially owned 1,859,061 shares (14.8%) as of 6/6/2025; Schedule 13D/A reported Jones directly beneficially owned 525 shares, separate from group holdings.
- Ownership guidelines: Non-employee directors must hold CULP common stock valued at 2x annual cash retainer within five years; only common shares count (RSUs/options excluded for compliance). As of 4/27/2025, all directors subject ≥5 years were in compliance; newer directors have five years.
- Hedging/pledging: None pledged by directors; hedging prohibited.
Governance Assessment
- Effectiveness: Jones strengthens finance/investor oversight as an audit committee financial expert and contributes to strategic oversight via the Strategy Committee. Attendance standards met across the Board.
- Alignment: Director pay mix is balanced (cash retainer plus service-based RSUs) and stock ownership guidelines require meaningful holdings over time; anti-hedging/pledging policy supports alignment.
- Potential conflicts: Jones’s 22NW affiliation and appointment via cooperation agreements are notable; agreements include standstill (≤15% beneficial/net-long limit), Board voting commitments, and reimbursement of Investor Group expenses (up to $50,000 in 2025), mitigating activism risk but signaling investor influence. Independence was affirmed annually under NYSE standards.
- Shareholder signals: Compensation Committee engaged shareholders after a 67.6% Say-on-Pay vote in 2023; support improved to ~83% in 2024—indicative of responsiveness to investors.
RED FLAGS
- Related-party/Investor influence: Board seat and nominations via cooperation agreements with a large shareholder; voting commitments and standstill terms warrant monitoring for board independence optics.
- Reimbursement to Investor Group: Company agreed to reimburse up to $50,000 in expenses (2025 agreement), following a prior $15,000 cap (2024) in the initial agreement—common in settlements but a governance consideration.
Positive Indicators
- Independence and expertise affirmed; full committee independence; clawback and anti-hedging policies; strong governance practices (executive sessions, lead independent director).
- Stock ownership guidelines and time-based RSUs promote long-term alignment; no director option awards or performance metric manipulation risks disclosed for directors.