Richard Templeton, Chairman, President and Chief Executive Officer of Texas Instruments Inc. speaks during a House Science, Space and Technology Committee hearing in Washington, DC, Wednesday, February 6, 2013. The hearing was titled “ American Competitiveness: The Role of Research and Development.”
Andreas Harrer | Bloomberg | Getty Images
Texas Instruments announced Thursday that its nearly 19-year-old CEO, Rich Templeton, will step down on April 1 as Haviv Ilan, its chief operating officer, replaces him. Templeton remains executive chairman of the chipmaker. Texas Instruments shares were flat after the announcement in extended trading.
The 92-year-old described the change in a statement as a “well-planned successor”. But Texas Instruments had implemented a similar plan in 2018 that backfired. The company said Templeton will step down to make room for then-operator Brian Crutcher, in what it also described as a “well-planned succession.” A month after the CEO change, it was said that Crutcher had left and Templeton was taking over the top position.
“Crutcher resigned for violating the company’s code of conduct,” Texas Instruments said at the time. “The violations are related to personal conduct that is inconsistent with our ethics and core values, but not with company strategy, operations or financial reporting.”
Under Templeton’s leadership, which began on May 1, 2004, Texas Instruments stock has grown 581%, outperforming the VanEck Semiconductor exchange-traded fund, which is up 549% over the same period. Templeton took over the CEO job from Tom Engibous, who had held the post for almost eight years.
Ilan joined Texas Instruments in 1999 through the acquisition of Israeli wireless startup Butterfly. Before becoming operations manager at Texas Instruments, he was senior vice president of the analog signal chain and high performance analog divisions.
Texas Instruments had net income of $2.3 billion on sales of $5.24 billion for the quarter ended September 30, representing approximately 18% revenue growth and 13% sales growth. Most of its revenue comes from selling analog products, including chips that convert signals into data for other chips to process. Over a third of its revenue comes from industry categories like energy, healthcare, and defense.
Correction: A previous version of this story misspelled the new CEO’s name in the headline. It’s Haviv Ilan.
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