Texas Instruments Plans Succession

COO Rich Templeton will become CEO; current CEO Tom Engibous will remain chairman.
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Texas Instruments

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announced Thursday the planned succession for its top post will occur within the next four months, with CEO Tom Engibous handing over the reins to the company's COO.

The board of directors has selected COO Rich Templeton, 45, to take over the president and chief executive position held by Engibous, 50, since 1996. Engibous will remain the company's chairman.

The transition is a planned succession that follows the selection of Templeton, a 23-year veteran of TI, as COO in 2000 and his election to the board last year, the company said.

"This is an excellent time to transition the jobs of president and CEO to Rich," Engibous said in a press release. "The company's momentum is building, the management bench is strong and the balance sheet is healthier than ever."

Shares of Texas Instruments closed up $1.17, or 3.6%, at $33.65 before inching down 3 cents in after-hours trading.