Texas Instruments Incorporated (NASDAQ: TXN)announced on Wednesday that Brian Crutcher will be resigning as President, CEO, and member of the board for the Company. In his place, the former CEO and President of Texas Instruments will reassume his role as President and CEO indefinitely in addition to his position as Chairman.
Crutcher has stepped down from his position as CEO just two months after he took on the position. The resignation comes as the board concluded that Crutcher violated the Company’s code of conduct. The Company said in a statement, “The violations are related to personal behavior that is not consistent with our ethics and core values, but not related to Company strategy, operations or financial reporting.”
Crutcher spent over 20 years at Texas Instruments before succeeding Templeton. Upon learning of the Company’s need for Templeton to return, he told employees “"At this point, I can assure everybody I am back in, deeply immersed, and very excited about the opportunity in front of us today and the opportunity to be your CEO.” Templeton served the Company as CEO for 14 years before announcing his plan to step down in January.
"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. "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."