Texas instrument The company’s new CEO was dismissed for his personal actions, and the company, which has always been low-key, was rarely pushed into the spotlight, which also indicates that modern society’s censorship of all industry leaders is becoming more stringent.
The Dallas-based chipmaker focuses on the tough but lucrative analog semiconductor sector, and news is generally limited to investor cash returns and capital management strategies. The unfortunate CEO Brian Crutcher who broke the personal behavior violation scandal It was just on June 1st that he had just taken over the scepter of TI's top leader from his predecessor, Rich Templeton. Templeton has been in charge of TI for more than 13 years, making a great contribution to TI's development. His achievements have alleviated the disruption of the company's business. Worried, in the after-hours trading, TI's stock began to rebound, and the stock fell less than 2% throughout the day.
On Tuesday, Templeton told employees in an internal video speech that the board quickly took action after receiving a report on Crutcher's behavior. Although the company did not specify the CEO's specific violations and time information, its quick response suggests It hopes to quickly restore the expectations of employees and investors to the 88-year-old company, and demonstrates the company's zero tolerance for the bad behavior of its leaders.
Tore Svanberg, an analyst at Stitif Nicolaus& Co, said, 'TI has long been a stable company. The board of directors of all companies is under tremendous pressure to ensure that the company's heads are doing well.'
Recently, the semiconductor industry has attracted widespread attention due to the misconduct of its managers. After the departure of Intel and Rambus CEOs, Crutcher was the third chip company leader to leave because of personal behavior violations in less than two months. Intel CEO Brian Krzanich was found to have an affair with colleagues. The resignation of these CEOs and the #metoo campaign aimed at eliminating gender discrimination, sexual harassment and abuse have a broader social background, which may lead to more stringent behavior in the technology industry. Review.
'This violation is because its personal behavior is inconsistent with our ethical and core values and has nothing to do with corporate strategy, operations or financial reporting.' Texas Instruments said in a statement. The company spokesperson declined to comment on the nature of the violation and whether Interpersonal relationship.
After chasing Crutcher, TI's board of directors said that the reappointment of Templeton as CEO is not a temporary decision, meaning that the 59-year-old veteran will take a ride with TI.
Wayne Sanders, Chairman of the Board and Chairman of the Management and Shareholder Relations Committee, said, 'The directors have spent many years evaluating Brian's capabilities, performance and style of conduct, and we are very confident that he will be the next great leader of TI.' In the statement of the month, Crutcher was appointed as the next CEO and president.
During his tenure as CEO, Templeton, 59, has successfully transformed Texas Instruments into a leading analog chip supplier and built it into one of the most profitable companies in the industry. After Crutcher took office last month, he Still serves as chairman of the board of directors.
Templeton said in the video: 'My wife asked me if I was surprised, disappointed, angry or excited about re-officer. ' 'Yes, my mood is very complicated, I have these thoughts and emotions.'
According to Stifel of Stifel, Templeton is likely to remain CEO of Texas Instruments until the company finds and trains the right successor internally.
For Crucher, like the CEO who had just been driven away by Intel, the involuntary exit has huge losses. According to Bloomberg data, he may be forced to give up $43.3 million in stock rewards.
According to the plan, TI will announce its revenue report next week. It released some data on Tuesday. TI said its second-quarter revenue rose to US$4.02 billion, up 9% year-on-year. Earnings per share were US$1.40, including earnings per share. 3 cents tax benefit. Analysts' average forecast is $3.97 billion in revenue and $1.30 in earnings per share.
According to the latest daily report of the crisis advisory company Temin& Co, because the #metoo campaign has conducted a more rigorous review of all administrative actions in the past 18 months, at least 437 executives and employees have been accused of harassment or other misconduct. , 259 of them were fired or forced to leave.
Davia Temin, founder and CEO of Temin& Co, said: 'Pandora's box has been opened and will not be covered again. ' There have been many bad behaviors for a long time, and the way of dealing with the past is often a big deal. Small, trivial, or private, but now, supervision and review become more important means.
