7/21/2003 - Texas Instruments Incorporated (NYSE:TXN) announced that William A. Aylesworth, the companyís chief financial officer, will retire at the end of 2003 at age 61. Kevin P. March, 45, TIís controller and a 19-year veteran of the companyís finance department, will become the new chief financial officer effective October 1. Mr. Aylesworth and Mr. March will work together for the remainder of the year to execute a successful transition.
ďIn Billís 36 years with TI, he has passionately promoted a culture of internal controls and ethics, not only in TIís finance operations, but throughout the entire company. His advocacy for investors has influenced a new generation of TIers to understand their own responsibility to deliver value to our shareholders,Ē said TI Chairman, President and CEO Tom Engibous. ďBillís prudent management of TIís capital structure was critical in TIís successful emergence from the difficult 1980s, and likewise his leadership has been substantial in building what is today the strongest balance sheet in TIís history. Each of these contributions will shape TI far beyond his retirement.Ē
Mr. Aylesworth became chief financial officer of TI in 1985, and senior vice president in 1988. He joined TI as a member of the companyís finance development program in Dallas in 1967, the same year he earned a master's degree in industrial administration from Carnegie Mellon University. He held numerous assignments in control, manufacturing and marketing in the Sensors & Controls business before joining TIís treasury services department in 1972.
In 1980, Mr. Aylesworth was elected assistant treasurer and in 1982 he became vice president and treasurer. That was followed by his selection as principal financial officer in 1984.
In addition to his TI duties, Mr. Aylesworth serves on numerous business, professional and civic boards. These include board memberships for the Factory Mutual Insurance Company, Children's Medical Center of Dallas, and Heska Corporation. He is also a member of Financial Executives International and The Conference Board's Council of Financial Executives.
In addition to his master's degree, Mr. Aylesworth earned a bachelor's degree in electrical engineering from Cornell University.
Mr. March, who has worked closely with Mr. Aylesworth for the past decade, has served as director of finance and controller for several of TIís Semiconductor businesses and for TIís analog European operations. Mr. March joined TI in 1984 as part of the companyís finance development program. He held numerous assignments in finance, operations, marketing and general business management across TIís corporate and business operations, including a wide range of TIís Semiconductor businesses as well as its former defense business. He later served in leadership positions in planning and accounting operations before being named vice president and financial planning manager for TIís global operations in 1997. He was named controller for the company in 2002. Mr. March holds a bachelor of science degree in economics and business, and a masterís degree in business administration with concentrations in accounting and finance, both from the University of Pittsburgh. He is a member of Financial Executives International and the Corporate Executive Boardís Controllersí Roundtable.
Replacing Mr. March as controller will be Charles R. Miller, 48. Mr. Miller has been a vice president of TI since 2002 when the company re-recruited him to lead the finance operation for its applications-specific Semiconductor operations. Prior to then, he was a senior financial director for i2 Technologies, Inc. and the CFO of the applications development group for Sterling Software Inc. Mr. Miller worked for TI from 1976 to 1997 in a variety of leadership roles in control and finance operations. He holds a bachelorís degree in accounting from the University of Texas at Austin. He is a member of Financial Executives International.
Mr. Engibous acknowledged the key role financial leadership plays in the company. ďKevin comes to this job having already demonstrated a high degree of integrity, intellect, energy and experience. Iím confident in his ability to provide financial leadership to TI as an important driver in increasing shareholder value,Ē Engibous said. ďAdditionally, Kevin has a strong, experienced team working with him, including new controller Charlie Miller, who has an extensive finance and accounting background, and the continued leadership of Treasurer Beth Bull and Audit Services Manager Richard Hudson. This team is committed to a culture of high integrity and fair disclosure,Ē Engibous concluded.
Texas Instruments Incorporated provides innovative DSP and Analog technologies to meet our customersí real world signal processing requirements. In addition to Semiconductor, the companyís businesses include Sensors & Controls and Educational & Productivity Solutions. TI is headquartered in Dallas, Texas, and has manufacturing, design or sales operations in more than 25 countries.
Texas Instruments is traded on the New York Stock Exchange under the symbol TXN. More information is located on the World Wide Web at www.ti.com.
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