This afternoon, we announced that Brian Crutcher has resigned as TI’s president, CEO and a member of the TI board. I am reassuming the roles of president and CEO on an ongoing, indefinite basis, in addition to my role as chairman. I want you to know that this is not a temporary appointment, and the board is not searching for a replacement.
Brian resigned due to violations of the company’s code of conduct. The violations are related to personal behavior that is not consistent with our ethics and core values, but not related to company strategy, operations or financial reporting.
I recognize that this news is unexpected. 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.
Ethics and values are very important to me and to our company. I want to take a moment to share some additional thoughts with each of you via video.
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.