Richard Templeton on COVID-19 impact
From Texas Instruments Incorporated's TXN CEO Rich Templeton Presents at Citi's 2020 Global Technology Vi · · Daily Earnings Calls
“Things that had work from home or remote learning drivers, you know, be it personal electronics, were stronger. Server slash cloud stronger to handle capacity. Automotive because you had North American, European plants taken down in late March and really just starting to come back up in June. And then within the industrial market, you know, you could see the logical areas where, you know, obviously a medical end market's going to do well, where you know anything in the energy field or factory automation where you can't get people into plants to install stuff is going to be slower.”
On , Richard Templeton, Executive Chairman at Texas Instruments, spoke about COVID-19 impact during Texas Instruments Incorporated's TXN CEO Rich Templeton Presents at Citi's 2020 Global Technology Vi on Daily Earnings Calls.
About Richard Templeton
Richard Templeton, executive chairman of Texas Instruments, has emphasized the company’s strategy of maintaining internal manufacturing as a competitive advantage, stating that during the COVID-19 pandemic, TI performed better than competitors that were highly outsourced. He noted that in the second quarter of 2020, TI planned to run its factories at levels similar to the first quarter, leading to an inventory increase to support customers with limited forecasting ability. Templeton also discussed capital allocation, advocating for disciplined stock buybacks and dividends, and said that research and development spending would remain unchanged due to its long-term, five-to-ten-year horizon. Templeton has spoken about the importance of U.S. semiconductor industry competitiveness, calling for long-term investment in research, access to skilled talent, and a competitive tax structure. He described the U.S. as needing to be an attractive destination for the world’s best minds and supported policies that encourage R&D and domestic manufacturing investment. On geopolitical tensions, he stated that TI would comply with all laws and rulings, and that companies that adapt best will cope with challenges accordingly. Templeton also reiterated his view that recessions present opportunities to extend competitive advantage through continued investment.