Texas Instruments CEO Resigns After Violating Code of Conduct

Papa John's Pizza (PZZA) isn't the only company with corporate governance issues this week. 

Texas Instruments Incorporated (TXN) CEO Brian Crutcher has resigned his posts as CEO, president and board member after violating the company's code of conduct with his personal actions, the Dallas-based company best known for its graphing calculators announced alongside its quarterly earnings Tuesday.

"For decades, our company's core values and code of conduct have been foundational to how we operate and behave, and we have no tolerance for violations of our code of conduct," lead director of the Texas Instruments' Board said in a press release. "Over the past 14 years, Rich has successfully led TI to become the company it is today, and we have great confidence in his values and ability to continue to lead this company forward."

Richard Templeton will permanently resume the role of CEO in addition to continuing in his role as chairman.

Shares of Texas Instruments fell 2.25% in after-hours trading.

This story is developing.

More from Markets

Amazon May Become a Theater Near You; Shaich Scoops Zoe's Kitchen -- ICYMI

Amazon May Become a Theater Near You; Shaich Scoops Zoe's Kitchen -- ICYMI

Trump Rants on Earnings Season After Complaints From Buffett, Dimon

Trump Rants on Earnings Season After Complaints From Buffett, Dimon

Dow Trades Higher, Nasdaq Regains Footing as Chipmakers Fall

Dow Trades Higher, Nasdaq Regains Footing as Chipmakers Fall

Here's Why Stock Picking Is Especially Important in the Retail Sector

Here's Why Stock Picking Is Especially Important in the Retail Sector

Tesla Has Lost 15% Since Musk's Take-Private Tweet

Tesla Has Lost 15% Since Musk's Take-Private Tweet