- Texas Instruments Inc (NASDAQ:TXN) named Haviv Ilan as the CEO, effective April 1.
- Ilan, a 24-year veteran of TI, succeeds current CEO Rich Templeton, who will transition out of these roles over the next two months but will remain the company’s chairman.
- The transition is a well-planned succession that follows Ilan’s promotion to senior vice president in 2014, executive vice president and COO in 2020, and election to the board of directors in 2021.
- Also Read: Texas Instruments’ Diverse Auto And Industrial-Focused Portfolio Poised To Gain From CHIPS Funding, Analyst Says
- Templeton became chairman of the board in April 2008 and president and CEO in May 2004.
- In July 2018, Templeton returned to the role as Brian Crutcher resigned over what the company called code-of-conduct violations.
- In its most recent earnings report, TXN issued an outlook that missed Wall Street expectations. The company said it experienced expected weakness in personal electronics and expanding weakness across industrial.
- In 2021, TXN shared plans to invest up to $30 billion in chip-making-related facilities in Sherman, Texas, with production to begin around 2025.
- Price Action: TXN shares closed lower by 1.63% at $170.93 on Thursday.
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