The CEO and president of Dallas-based Texas Instruments resigned today because of what TI calls "violations of the company’s code of conduct.” Brian Crutcher had been in the job less than two months.
A news release from TI did not give details of Crutcher’s violations, describing them as “related to personal behavior that is not consistent with our ethics and core values, but not related to company strategy, operations or financial reporting.” The company did not elaborate on Crutcher's behavior.
Crutcher took the job June 1. He'd been with the company for 22 years when he was named the replacement for longtime CEO Rich Templeton earlier this year. Templeton, who'd stayed on as company chairman, will reassume the roles of president and CEO on an “ongoing, indefinite basis,” TI said. He will continue serving as chairman as well.
"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, in a statement.
Templeton's appointment is not temporary, according to the company, and the board is not searching for a replacement.
"I have tremendous pride in this company, and passion for continuing to make TI even stronger and better," Templeton said in a statement. "I remain dedicated to moving TI forward with an unwavering commitment to operate ethically and conduct ourselves professionally in everything we do."
Templeton was first hired as president and CEO of TI in May 2004. He helped define and execute the company’s strategy to focus on semiconductors for signal processing, which included the acquisition of National Semiconductor in 2011. He joined the company in 1980.
