Texas Instruments said Tuesday which CEO Brian Crutcher resigned for violating the company’s code of conduct related to personal behavior.
TI did not specify exactly what Crutcher did which violated company policies. He had been at the company for more than two decades before assuming the role of CEO.
The company also said Chairman Richard Templeton will reassume the roles of president along with CEO. TI said which Templeton’s appointment is actually “not temporary, along with the board is actually not searching for a replacement.”
Templeton had stepped as CEO in January after 14 years inside 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 specific year.
Separately, the company reported adjusted second-quarter earnings of $1.37 a share on $4.02 billion in revenue. Texas Instruments is actually scheduled to post full financial results on July 24.
Read the announcement below:
Texas Instruments Incorporated (TI) (NASDAQ: TXN) today announced the resignation of Brian Crutcher as president, CEO along that has a member of the TI board. The board has named Rich Templeton, the company’s chairman, to reassume the roles of president along with CEO on an ongoing, indefinite basis, in addition to continuing as chairman. Templeton’s appointment is actually not temporary, along with the board is actually not searching for a replacement.
Crutcher resigned due to violations of the company’s code of conduct. The violations are related to personal behavior which is actually not consistent with our ethics along with core values, although not related to company strategy, operations or financial reporting.
“For decades, our company’s core values along with code of conduct have been foundational to how we operate along with behave, along with we have no tolerance for violations of our code of conduct,” said Mark Blinn, lead director of the TI Board. “Over the past 14 years, Rich has successfully led TI to become the company which is actually today, along with we have great confidence in his values along with ability to continue to lead This specific company forward.”
“I have tremendous pride in This specific company, along with passion for continuing to make TI even stronger along with better,” said Rich Templeton, TI chairman, president along with CEO. “I remain dedicated to moving TI forward with an unwavering commitment to operate ethically along with conduct ourselves professionally in everything we do.”
TI also reported second-quarter revenue of $4.02 billion, up 9 percent coming from the same quarter a year ago, along with earnings per share of $1.40. EPS included a 3 cent discrete tax benefit not inside company’s original guidance. TI will provide full second-quarter results along with third-quarter guidance in its earnings Discharge along with conference call on July 24.