Texas Instruments Inc. said Thursday operating chief Brian Crutcher will become the company's next president and chief executive.
TI said the appointment of Mr. Crutcher, who has worked at the semiconductor designer and manufacturer for 22 years, is part of a succession plan that follows his promotion to senior vice president in 2010, executive vice president in 2014, and chief operating officer last year. He was elected to the board in July.
In June, Mr. Crutcher will succeed Rich Templeton, who has been serving as president and CEO since May 2004, the company said. Mr. Templeton will remain board chairman.
Wayne Sanders, lead director on TI's board, said that during Mr. Templeton's tenure, the company's operating profit margin has doubled and the stock price has more than quadrupled. Mr. Sanders also praised the CEO for developing a "deep bench of leaders" within the firm.
Shares in Texas Instruments rose 0.4% to $116.85 in after-hours trading.
Write to Bowdeya Tweh at Bowdeya.Tweh@wsj.com
(END) Dow Jones Newswires
January 18, 2018 17:04 ET (22:04 GMT)