on Thursday announced that president and CEO Tom Engibous will step down after eight years. He will continue to serve as the Dallas chip maker’s chairman.
TI’s directors have selected Rich Templeton to succeed him as part of a planned succession. Templeton currently serves as COO and has been at the company for the last 23 years. The leadership move will happen May 1.
“This is an excellent time to transition the jobs of president and CEO to Rich. The company’s momentum is building, the management bench is strong, and the balance sheet is healthier than ever,” Engibous said in a statement.
He went on to praise Templeton’s leadership skills, ethics and insight into customers’ needs.
In-Stat/MDR Director and Principal Analyst Steve Cullen said the transition is a step in the right direction.
I don’t think there is a whole lot behind it,” Cullen told internetnews.com. “There is a trend to separate the CEO job from the chairman’s job. The last couple years in the semiconductor business have seen a lot of changes and I’m sure Engibous has seen his fair share. As for their products and partners, I wouldn’t expect any major changes right away.”
Engibous became president and CEO in June 1996, and chairman in 1998. While in charge, TI focused on semiconductors that allow signals such as sound to be electronically processed in real-time.
Known as digital signal processors
In addition to semiconductors, the company’s other business focuses are: sensors and controls, and educational and productivity products. TI has manufacturing, design or sales operations in more than 25 countries.
Shares of Texas Instruments rose 3.6 percent in late trading, finishing at $33.65 per share.