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Texas Instrument's CEO Steps Aside: Page 2 of 2

Also, Jean-Francois Fau was named president of TI Europe. He has headed up TI's wireless operations in Europe.

Engibous said Templeton is an "intense competitor" who has a strong sense of ethics and the ability to figure out customers' needs.

"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.