Texas Instruments CEO Resigns, Former CEO Reinstated

DALLAS, TX — Texas Instruments Incorporated Tuesday announced that president, CEO and TI board member Brian Crutcher has resigned and been replaced with Rich Templeton, the company's chairman, who will reassume the roles of president and CEO on an ongoing, indefinite basis, in addition to continuing as chairman.

Templeton's appointment is not temporary, TI said, and the board is not searching for a replacement.

Crutcher resigned due to violations of the company's code of conduct, TI announced. According to a press release, the violations are related to personal behavior that is not consistent with the company's ethics and core values, but not related to company strategy, operations or financial reporting.

"For decades, our company's core values and code of conduct have been foundational to how we operate and behave, and we have no tolerance for violations of our code of conduct," said Mark Blinn, lead director of the TI Board said in a press release. "Over the past 14 years, Rich has successfully led TI to become the company it is today, and we have great confidence in his values and ability to continue to lead this company forward."

"I have tremendous pride in this company, and passion for continuing to make TI even stronger and better," said Rich Templeton, TI chairman, president and CEO. "I remain dedicated to moving TI forward with an unwavering commitment to operate ethically and conduct ourselves professionally in everything we do."

Image: Rich Templeton, via Texas Instruments