-Texas Instruments Inc said on Thursday that Chief Executive Rich Templeton will step down in April after nearly 20 years in the role, at a time when the chipmaker is looking to navigate a slump in demand following a two-year boom.
Templeton, also the company’s president, will be replaced by Chief Operating Officer Haviv Ilan. Ilan has spent 24 years at the company leading functions such as sales, manufacturing and technology.
Templeton, who is credited with transforming the company by reshaping the focus to analog and embedded processing, will stay on as chairman.
Texas Instruments in 2018 had appointed Brian Crutcher as its chief executive, but he left in six weeks over claims that he had violated the company’s code of conduct. Templeton then reassumed the role.
The company in October forecast fourth-quarter revenue and profit below estimates as it battles declining demand, particularly from personal electronics makers, after a pandemic-fueled surge in sales.
Shares of Texas Instruments closed 1.6% down on Thursday.