DALLAS (dpa-AFX) - Texas Instruments Inc. (TXN) Tuesday said its President and CEO Brian Crutcher has resigned due to violations of the company's code of conduct.
The board has appointed Rich Templeton, the company's chairman, to assume the roles of president and CEO. 'Templeton's appointment is not temporary, and the board is not searching for a replacement,' the company said in a statement.
Crutcher resigned due to violations of the company's code of conduct. 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.
'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.'
Texas also reported second-quarter revenue of $4.02 billion, up 9 percent from the same quarter a year ago, and earnings of $1.40 per share.
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