US-based chipmaker company, Texas Instruments' Chief Executive Officer (CEO), Brian Crutcher has resigned after less than two months in the job. According to the report, Crutcher had violated the chipmaker’s code of conduct. His predecessor, Rich Templeton, will resume the role on a permanent basis.
Texas Instruments stated in media sharing, “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."
Templeton will return to lead the company after Crutcher's resignation. Templeton has earlier led the company for over 13 years, during which he molded Texas Instruments into a leading provider of analog chips and made it one of the most profitable companies in the industry. Six months ago, Crutcher’s promotion to president and CEO to replace Templeton was announced, and he just took the reins on June 1.
According to a report by Bloomberg, the involuntary exit for Crutcher is going to be expensive as he could be forced to surrender as much as $43.3 million in stock awards.
Crutcher's resignation is the third event where a company leader has been asked to leave a job over the infringement of rules on personal conduct. Before him, Intel Corpo.'s CEO Brian Krzanich and Rambus Inc.’s CEO Ron Black were asked to leave over the code of conduct breach.