Richard Templeton, chairman, president and chief executive officer of Texas Instruments Inc., speaks during a hearing before the House Committee on Science, Space and Technology in Washington, D.C., U.S., Wednesday, Feb. 6, 2013. The hearing was titled ‘U.S. competitiveness: The role of research and development.”
Andrew Harrer | Bloomberg | Getty Images
Texas Instruments announced Thursday that its CEO of nearly 19 years, Rich Templeton, will step down on April 1, to be replaced by Haviv Ilan, chief operating officer. Templeton will remain executive chairman of the chipmaker’s board. Texas Instruments shares were flat in after-hours trading after the disclosure.
The 92-year-old company described the changes as a “well-planned succession” in a statement. But Texas Instruments implemented a similar plan in 2018 that backfired. Company said Templeton will step down to make way for then-chief operating officer Brian Crutcher in what has also been described as a “well-planned succession”. A month after the change of CEO, this said Crutcher left and Templeton took over the lead role again.
“Crutcher resigned due to violations of the company’s code of conduct,” Texas Instruments said at the time. “The violations involved personal conduct inconsistent with our ethics and core values, but not related to the company’s strategy, operations or financial reporting.”
Under Templeton’s leadership, which began on May 1, 2004, shares of Texas Instruments rose 581%, outperforming VanEck Semiconductor exchange-traded fund, which is up 549% over the same period. Templeton takes over as CEO from Tom Engibus, who has held the position for nearly eight years.
Ilan joined Texas Instruments in 1999 when the company acquired the Israeli wireless startup Butterfly. Before becoming Chief Operating Officer at Texas Instruments, he was Senior Vice President of the Analog Signal and High Performance Analog Divisions.
Texas Instruments posted $2.3 billion in net income on revenue of $5.24 billion for the quarter ended Sept. 30, representing about 18% profit growth and 13% revenue growth. Much of the profit comes from selling analog products, including chips that change signals into data for other chips to operate. More than a third of revenues come from industrial categories such as energy, healthcare and defense.
Correction: An earlier version of this story misspelled the new CEO’s name in the headline. This is Haviv Ilan.
This article is first published on Source link