Texas Instruments CEO resigns on code of conduct violation
A Texas Instruments Office is shown in San Diego, California, U.S., April 24, 2018. REUTERS/Mike Blake – RC1276296BF0
Texas Instruments is looking for another chief executive just six weeks after thinking they had their man.
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The company says Brian Crutcher had resigned, following a report that he had violated the chipmaker's code on personal behavior.
The company's shares fell as much as 2.5 percent in after-market trading.
Earlier in the day, Texas Instruments reported second-quarter earnings and sales that beat estimates.
The new boss is the same as the old boss.
Chairman Rich Templeton will reassume the roles of chief executive officer and president and the chipmaker is not searching for a replacement.
Templeton, 59, served as the company's CEO from 2004 until Crutcher took over.
The company said Crutcher's violation was unrelated to the company's "strategy, operations or financial reporting."
Templeton offered no other details.
“I have tremendous pride in this company, and passion for continuing to make TI even stronger and better,” said Templeton. “I remain dedicated to moving TI forward with an unwavering commitment to operate ethically and conduct ourselves professionally in everything we do.”
Crutcher could not immediately be reached for comment.
Crutcher was appointed chief executive officer and president on June 1 after having worked at Texas Instruments for 22 years, holding positions including executive vice president and chief operating officer.
Texas Instruments on Tuesday also reported second-quarter revenue of $4.02 billion, up 9 percent from the same quarter a year ago, and earnings per share of $1.40, including a 3 cent tax benefit.
Those figures beat Thomson Reuters I/B/E/S estimates of revenue of $3.96 billion and earnings of $1.31 per share.
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