During its second-quarter earnings call Tuesday, Dallas-based Texas Instruments once again skirted around the specifics behind Brian Crutcher’s resignation as CEO less than two months into the job.
Dave Pahl, TI vice president and head of investor relations, briefly covered the change in leadership, reiterating that Rich Templeton, who did not speak on the call, had reassumed the leading role and will continue his role as chair. Crutcher’s name was not even mentioned, and no questions about him came up during the open-question session.
“I’ve met with Rich several times,” Pahl said. “He’s excited to be back.”
Templeton will spend the next few months attending conferences and meeting with investors. “He’s fully engaged and busy doing what he does best, and that is executing strategy, strengthening our competitive advantages, and running operations with laser focus,” Pahl said.
The only thing we know for sure so far is that Crutcher somehow violated the company’s code of conduct and resigned as a result. Crutcher, formerly the chief operating officer, took the top role from Templeton in June. TI announced Crutcher’s resignation on July 17. A spokeswoman said TI would not be releasing any more information on the topic.
In the meantime, the company told investors it’s focusing on industrial and automotive markets, which it expects to be the fastest-growing semiconductor markets. The company reported $4.02 billion in revenue for the second quarter of 2018, compared to $3.69 billion in the previous year’s second quarter. It also reported net income of $1.41 billion, or $1.40 per share, up from $1.06 billion, or $1.03 per share.