Texas Instruments Ex-CEO May Forfeit $43.3 Million on Misconduct
(Bloomberg) -- Texas Instruments Inc.’s Brian Crutcher, who resigned as chief executive officer after just six weeks on the job, could be forced to surrender as much as $43.3 million of stock awards.
Crutcher, who resigned after the semiconductor maker said he violated its code of conduct, held stock options and restricted shares valued at about $20.6 million and $22.7 million as of Tuesday’s market close, data compiled by Bloomberg show. Just how much of that will be forfeited will depend on how the company characterizes his exit.
An executive who’s fired for cause -- which usually includes policy breaches -- can lose both restricted shares and stock options, Texas Instruments said in its most recent proxy statement. The filing doesn’t specify what happens when an executive resigns after violating rules. Companies typically don’t pay severance to senior managers who leave voluntarily.
Crutcher became CEO on June 1 after more than two decades at the Dallas-based company. Rich Templeton, his predecessor, will retake the top job.
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