Company: CRWS
Filing Date: 2025-06-27
Form Type: DEF 14A
Source: 0001437749-25-021381
Chunk: 14

Company: CROWN CRAFTS INC
Filing Date: 2025-06-27
Form: DEF 14A
Chunk 14
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 has determined that each of the non-employee directors of the Board who has served as a director at any time since the beginning of fiscal year 2025 (Messrs. Benstock and Nie, Dr. Ratajczak and Ms. Stensrud) is “independent,” as defined for purposes of the rules of the SEC and the listing standards of Nasdaq.

The Board has further determined that each of the members of the Board’s Audit Committee (the “Audit Committee”), Compensation Committee (the “Compensation Committee”), and Nominating, Governance and Ethics Committee who has served as such at any time since the beginning of fiscal year 2025 satisfies the relevant SEC and Nasdaq independence requirements and other requirements for members of such committees.

Board Leadership Structure

The Board is currently led by Mr. Nie, as Chairman of the Board, who is an independent director. The Board has determined to separate the positions of Chief Executive Officer and Chairman of the Board in recognition of the differences between the two roles.The Chief Executive Officer is responsible for our strategic direction, day-to-day leadership and performance while the Chairman of the Board, in consultation with the Chief Executive Officer, sets the agenda for and presides over meetings of the Board, oversees the flow of information to the Board and acts as a liaison between the non-employee directors and management.

In addition, we believe that the separation of the positions of Chief Executive Officer and Chairman of the Board provides for more effective monitoring and objective evaluation of the Chief Executive Officer’s performance. The separation of these leadership roles has allowed the Chairman of the Board to strengthen the Board’s independent oversight of our performance and governance standards.

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Another important component of the Board’s leadership structure is the role of its committees. The Board has delegated certain oversight functions to its four standing committees — the Audit Committee, the Compensation Committee, the Nominating, Governance and Ethics Committee, and the Capital Committee of the Board (the “Capital Committee”). These committees regularly report back to the Board with specific findings and recommendations in their areas of oversight and also consult and work with the Chief Executive Officer. Further information about these four committees is provided below in “ – Board Committees.”

Pursuant to our Principles of Corporate Governance, if the positions of Chairman of the Board and Chief Executive Officer are held by the same person, or if the Chairman of the Board is otherwise employed by the Company, then the Board shall select an independent director to serve as Lead Independent Director. The Lead Independent Director would preside