- Push-out Score determined
- After less than seven weeks in the position
- Rich Templeton taking over
(exechange) — Dallas, Texas, July 17, 2018 — Brian Crutcher, chief executive of Texas Instruments, leaves. It is an abrupt change. As announced by Texas Instruments Incorporated in a news release and in a regulatory filing published on Tuesday, July 17, 2018, Brian T. Crutcher leaves his post as Chief Executive Officer at the semiconductor company after less than seven weeks in the role, effective immediately.
No company wants a CEO to flame out in the first weeks.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.4 years, according to data compiled by exechange. Only 3 percent of the CEOs who departed over the past 12 months left the position within their first year. Around 11 percent left the position within two years, and 20 percent left the position within three years.
Crutcher’s duties will be taken over by Richard K. (Rich) Templeton, currently chairman of Texas Instruments Incorporated.
“Violations of the company’s code of conduct”
Crutcher’s sudden departure from the CEO post is explained as follows. Texas Instruments said in a fairly blunt statement: “Crutcher resigned due to violations of the company’s code of conduct. 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.”
Mark Blinn, lead director of the TI Board, 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. 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.”
Precise information about Crutcher’s future plans was not immediately available.
Texas Instruments said: “Texas Instruments Incorporated … today announced the resignation of Brian Crutcher as president, CEO and a member of the TI board.”
Texas Instruments further said: “On July 17, 2018, the Board of Directors accepted the resignation of Brian T. Crutcher as President and Chief Executive Officer and as a director of the Company, and appointed Richard K. Templeton, the Company’s Chairman, to serve as President and Chief Executive Officer, effective immediately.”
In the position of CEO since 2018
Texas Instruments had selected Brian Crutcher to become the company’s next president and chief executive officer (CEO), effective June 1, 2018.
Previously, Crutcher served as executive vice president and chief operating officer of Texas Instruments, with responsibility for TI’s business operations and global manufacturing.
He was elected to TI’s board of directors in July 2017.
Prior to this, Crutcher served as TI’s executive vice president of Business Operations responsible for all TI’s businesses, sales and research and development.
Throughout his career, he has held a number of leadership roles including senior vice president of TI’s Analog and DLP® Products businesses, which included High Performance Analog, High Volume Analog and Logic, Power Management and Silicon Valley Analog; senior vice president of Embedded Processing; vice president of the Microcontroller Products business unit and vice president of the Americas Sales and Applications organization.
Early in his career, he served in a variety of leadership roles in the Sales and Applications organization throughout the U.S.
Crutcher joined TI in 1996.
He earned a Bachelor of Science in electrical engineering from the University of Central Florida (UCF) and a Master of Business Administration from the University of California, Irvine.
At the time of his appointment as Chief Executive Officer at Texas Instruments, Wayne Sanders, then lead director of the TI Board and chairman of the governance and stockholder relations committee, had said, referring to Brian Crutcher: “The directors have had a number of years to assess Brian’s ability, results and style, and we are highly confident he is TI’s next great leader.”
At the time of Crutcher’s appointment as Chief Executive Officer at Texas Instruments, Templeton had said: “Brian is an exceptional leader who inspires others and delivers great results. His disciplined focus on our business, manufacturing and sales channels has heightened the value we offer customers and the return we provide shareholders. TI operations and people are well guided by his experience and intelligence.”
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 30.2018 ($).