Former Texas Instruments CEO Rich Templeton will return to the role after a six-week break, because his replacement has been dumped for breaching the company's code of conduct.
Brian Crutcher, a 22-year veteran of TI, moved into the big office on June 1st, 2018. But on July 17th the company issued a statement saying his departure related to “violations of the company's code of conduct”.
The statement explained that these violations “are related to personal behaviour that is not consistent with our ethics and core values”, but weren't related to its strategy, operations, or financial reporting.
So, no insider trading scandal, inflated numbers, or leaks to competitors, then.
Templeton will add president and CEO to his business card “on an ongoing, indefinite basis”. The company's announcement emphasised that this appointment “is not temporary, and the board is not searching for a replacement”.
Templeton posted this e-mail to staff at TI's Website.
“I recognise that this news is unexpected,” Templeton wrote.
“I want to reaffirm that our unwavering commitment to conducting business ethically and behaving in a professional manner remains unchanged. When we uncover situations of concern or policy violations, they will be investigated and addressed quickly. This applies to everyone at TI, including top performers, top executives and most importantly to the CEO.
“I do not plan to make any changes to our org structure, and all executive officers will report directly to me. I will be scheduling an Open Exchange soon, and look forward to connecting with you then and as I travel to our sites around the world.”
Templeton also posted this video addressed to staff. ®