Texas Instruments said Rich Templeton is stepping down as president and chief executive officer after more than 13 years at the helm, according to Bloomberg. He’ll be replaced on June 1 by Chief Operating Officer Brian Crutcher.

Templeton, 59, will remain chairman of the semiconductor maker, whose chips help power automotive systems and industrial equipment. He took over as president and CEO in May 2004, and has worked at Texas Instruments since 1980, the company said. Crutcher, a 22-year TI veteran, previously oversaw the company’s analog and DLP businesses.

"Brian is an exceptional leader who inspires others and delivers great results," Templeton said in a statement. "His disciplined focus on our business, manufacturing and sales channels has heightened the value we offer customers and the return we provide shareholders."