Texas Instruments CEO resigns on personal conduct findings
Brian Crutcher's short-lived tenure ends in circumstances that are still unclear
Brian Crutcher, the recently installed CEO and president of chipmaker Texas Instruments, has resigned on issues of personal conduct.
Crutcher will be replaced by chairman Rich Templeton who will take on the roles of president and CEO. A new CEO is not being sought.
Before being promoted to CEO and president 6 months ago, Crutcher had worked for the company for 22 years, occupying the roles of executive vice president and COO, among others.
The exact reason behind Crutcher's resignation remains unclear. Texas Instruments has declined to go into detail, beyond saying the violation is not related to the chipmaker's "strategy, operations or financial reporting."
In a video address to employees Templeton said the following, according to Reuters.
"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. Each of us has a personal responsibility. This is about both our accountability for how we conduct ourselves, but also, if you see something wrong, say something."
In a statement Mark Blinn, lead director of the TI Board said: "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. 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."
Templeton added: "I have tremendous pride in this company, and passion for continuing to make TI even stronger and better. I remain dedicated to moving TI forward with an unwavering commitment to operate ethically and conduct ourselves professionally in everything we do."
Shares in Texas Instraments fell 2.5 per cent in aftermarket trading on the news of Crutcher's departure.
Computing has asked the Texas Instruments for further comment. The company's "Code of conduct" web page is currently unavailable.