Semiconductor maker Texas Instruments Inc. said Thursday that Thomas J. Engibous will step down as president and chief executive on May 1 and be replaced by chief operating officer Richard K. Templeton.
A company official described the change as a planned and orderly succession.
Engibous, 50, will remain chairman of the Dallas-based company.
Templeton, 45, has been with the company for 23 years. He was named chief operating officer in April 2000 and joined the company board of directors last year.
"This is an excellent time to transition the jobs of president and CEO to Rich. The company's momentum is building, the management bench is strong, and the balance sheet is healthier than ever," Engibous said in a statement issued by the company.
Engibous became president and CEO in 1996 and added the title of chairman in 1998. During his tenure, the company increased its focus on semiconductors used in devices such as cell phones, digital cameras and other consumer devices.
Templeton graduated from Union College in 1980 with a bachelor's of science degree in electrical engineering and joined TI the same year. He moved steadily through the company's sales and marketing ranks, then led several semiconductor business units, including digital signal processing.
Templeton was named president of TI's semiconductor group in 1996.