Rich Templeton, the president and CEO of Texas Instruments, is stepping down after nearly 14 years in the position.
Templeton will make the transition over the next four months and remain TI's chairman, the Dallas-based company said in a statement. Brian Crutcher, currently the executive vice president and chief operating officer who’s been with TI since 1996, will take over as CEO, effective June 1.
"I am honored to succeed Rich, whose leadership and vision have made our company stronger today than ever, and provides a solid foundation to build upon," Crutcher said in a statement.
"Our semiconductors are inside tens of thousands of different types of electronics. We have the right products, analog and embedded; are focused on the right markets, industrial and automotive; and remain committed to helping our customers find new ways to solve problems," Crutcher continued.
Templeton joined TI in 1980 after earning a bachelor’s degree in electrical engineering from New York’s Union College. In his tenure, he helped define and execute the company’s strategy to focus on semiconductors for signal processing, which included the acquisition of National Semiconductor in 2011.
"TI is in excellent shape, operationally, financially and strategically, thanks to Rich's leadership over the last 14 years. He has been a transformative CEO, one of industry's finest," said Wayne Sanders, lead director of the TI Board, in a statement. "TI's operating profit margin has doubled, the stock price has more than quadrupled and free cash flow per share has grown by a factor of 6."
“Templeton’s leadership has also emphasized innovation, with the company receiving 473 patents in 2015, the most among North Texas businesses,” according to the Dallas Business Journal. “It has received a total of 2,428 patents between 2011 and 2015.”
Along with his duties as CEO, Templeton has focused on advocating for and investing in science, technology, engineering and math (STEM) educational programs.
KERA's Lee Cullum interviewed Templeton for "CEO" in April 2007. Watch the interview below.