About Texas Instruments’ CEO resigning
On July 17, Texas Instruments (TXN) announced the resignation of CEO Brian Crutcher, who took up the role on June 1. He was replaced by the company’s former CEO, Rich Templeton, who has served in this role for 14 years. Texas Instruments stated that Crutcher’s personal behavior violated the company’s ethical code. Without revealing details of the misconduct, the company stated that the violation did not involve any company strategy, operations, or financial reporting.
Crutcher joined Texas Instruments in 1996 in sales and climbed the ladder to become COO in 2017. Last January, he was named Templeton’s successor as CEO. The transition took six months. During his tenure as COO, Brian Crutcher sold many of his stocks in the company and netted $38 million in 2016. After becoming CEO, he netted $14.6 million from stock sales.
Rich Templeton once again takes charge
During Texas Instruments’ fiscal Q2 2018 earnings call, CFO Rafael Lizardi reassured investors that Templeton had resumed as CEO indefinitely and did not give any details on the search for a replacement, indicating Templeton could maintain the role for some time.
Shareholders did not react as much to Crutcher’s resignation as they did to that of Intel (INTC) CEO Bryan Krzanich, possibly because Krzanich had been serving as Intel’s CEO for five years and had no immediate successor. Intel is now searching for a replacement CEO. Next, we’ll see what Texas Instruments’ earnings say about its growth opportunities.
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