Texas Instruments has named a new CEO.
The Dallas-based company is promoting a 24-year company employee named Haviv Ilan as its new president and CEO, according to a company announcement. Ilan will take over on April 1, succeeding Rich Templeton, who served as the company’s CEO for 18 years. Templeton will continue in his role as the company’s chairman.
Ilan will oversee the construction of four chip plants in Sherman. These new facilities, which will cost an estimated $30 billion, represent the largest capital investment of any company in the state, according to The Dallas Morning News.
The company’s $6 billion chip facility in Richardson is already up and running, according to The Dallas Morning News.
Templeton spoke highly of the incoming CEO. “He has a proven track record of delivering results, an intense focus on innovation and a passion to win, all of which make him an exceptional leader,” the current CEO said.
Ilan joined Texas Instruments in 1999 when it acquired Butterfly, a wireless startup in Israel.
“The combination of our broad portfolio of products, strong foundation of manufacturing and technology, reach of market channels and diverse and long-lived positions all put TI in a unique class of companies,” Ilan said.
Pam Patsley, Texas Instrument’s lead director, said Ilan’s promotion to CEO is “a thoughtful and well-planned transition.”
Current CEO Templeton delayed his retirement in 2018 when his successor, Brian Crutcher, resigned from the CEO position after just six weeks for violations of the company’s code of conduct.
During his tenure, Templeton oversaw the $6.5 billion acquisition of National Semiconductor in 2011. Texas Instruments makes billions of analog and embedded processing chips annually for roughly 80,000 products.
Last February, Texas Instruments announced plans to invest $3 billion annually in manufacturing semiconductor chips in the U.S. through 2025.