[Editor’s note: An earlier version of this story included an image of an employee of Texas Instruments, which was deemed misleading due to the context of the post. It has since been removed.]
Texas Instruments (NASDAQ:TXN) President and CEO Brian Crutcher is no longer with the company.
According to a statement from the company, Texas Instruments CEO Brian Crutcher has resigned from his roles at the company after violating its code of conduct. The company doesn’t say exactly what happened, but it notes that the former CEO’s actions are not consistent with its ethics and core values.
With Brian Crutcher gone, Texas Instruments is reverting back to its previous President and CEO, Rich Templeton. Templeton will be taking over as the next Texas Instruments CEO and the company won’t be holding a search for another. He will also still remain the Chairman of the Board for TXN.
“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,” Mark Blinn, lead director of the TI Board, said in a statement. “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.”
Brian Crutcher’s time as Texas Instruments CEO was short. He had only been serving in these roles for less than two months when news of his resignation was announced. Luckily, Rich Templeton has 14 years of experience as TXN’s CEO and is able to easily take over the role.
TXN stock was down 1% as of Wednesday morning.
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