Texas Instruments CEO resigns for personal conduct violations

Texas Instruments on Tuesday announced the resignation of Brian Crutcher, its president and CEO, for unspecified violations of the company’s code of conduct.

The Dallas-based tech company said Crutcher’s violations were “related to personal behavior that is not consistent with our ethics and core values, but not related to company strategy, operations or financial reporting.” Crutcher had served as CEO since January.

Texas Instruments Chairman Richard Templeton will replace Crutcher as CEO on a permanent basis, the company said.

"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," said Mark Blinn, lead director of the TI board of directors. "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."

Templeton spent 14 years as the company’s CEO before Crutcher replaced him.

"I have tremendous pride in this company, and passion for continuing to make TI even stronger and better," Templeton said in a statement. "I remain dedicated to moving TI forward with an unwavering commitment to operate ethically and conduct ourselves professionally in everything we do."

Texas Instruments shares fell more than 2% in after-hours trading.

The company also reported second-quarter revenue of $4.02 billion, up 9% year-over-year, and earnings per share of $1.40. Texas Instruments is set to provide full second-quarter results on July 24.

Crucher is the second CEO of a large cap tech company to resign this summer after violating a company code of conduct.  In June, Intel (NASDAQ:INTC) CEO Brian Krzanich resigned from the company and the board amid revelations that he had a relationship with a former employee.