Texas Instruments CEO resigns on code of conduct violation
(Reuters) – Texas Instruments Inc (TXN.O) said on Tuesday Brian Crutcher had resigned as the company’s chief executive officer just six weeks into the role, due to violations of the chipmaker’s code of conduct.
The company’s shares fell as much as 2.5 percent in after-market trading even as the company unexpectedly reported second-quarter earnings and sales figures that beat estimates.
Chairman Rich Templeton will reassume the roles of chief executive officer and president and the chipmaker is not searching for a replacement, Texas Instruments said.
“The violations are related to personal behavior not consistent with the company’s ethics and core values, but not related to company strategy, operations or financial reporting,” the company said.
Crutcher, who was appointed chief executive officer and president on June 1 has been part of the company for the past 22 years, having held various positions including executive vice president and chief operating officer.
Crutcher’s departure is the latest high-profile exit at the top level at U.S. companies in the past two months, following Intel Corp (INTC.O) CEO Brian Krzanich and Barnes & Noble Inc (BKS.N) CEO Demos Parneros leaving due to business conduct violations.
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