Texas Instruments says CEOBrian Crutcher has resigned after one month on the job because of personal behavior that violated the company’s code of conduct.
Julia Horowitz of CNNMoney.com had the news:
Crutcher also resigned as company president and as a member of the board.
Rich Templeton, the chairman, will take on the roles of president and CEO indefinitely. TI said the board is “not searching for a replacement.” Templeton was CEO before Crutcher took over.
In an email to employees, Templeton acknowledged the news was “unexpected” and said the company is committed to “conducting business ethically and behaving in a professional manner.”
“When we uncover situations of concern or policy violations, they will be investigated and addressed quickly,” he said. “This applies to everyone at TI, including top performers, top executives and most importantly to the CEO.”
Christine Wang of CNBC.com reported that the company’s stock fell 2 percent on the news:
The company also said Chairman Richard Templeton will reassume the roles of president and CEO. TI said that Templeton’s appointment is “not temporary, and the board is not searching for a replacement.”
Templeton had stepped as CEO in January after 14 years in the role.
Shares of Texas Instruments fell about 2 percent in after-hours trade Tuesday. The stock has climbed more than 10 percent so far this year.
Separately, the company reported adjusted second-quarter earnings of $1.37 a share on $4.02 billion in revenue. Texas Instruments is scheduled to post full financial results on July 24.
Tiernan Ray of Barron’s reported that Chairman Richard Templeton encouraged employees to speak up about issues:
Templeton said “I want to be proud of the company I’m part of,” and said TI encourages people to “speak up.”
“If something is reported that does not align with our ethics and values, we respond; and that is exactly what the board did when it received this claim.”
Templeton also offered some personal reflections: “My wife asked me if I was surprised, disappointed, mad, or excited about returning as CEO. The simple answer is, Yes, to all those thoughts and emotions.”
“I am back in, deeply immersed, and very excited about the opportunity in front of us today.”
