Texas Instruments is about to have a new CEO for the first time in 14 years.

Rich Templeton, who took the helm of the semiconductor company in 2004 and became chairman four years later, is being succeeded as CEO by Brian Crutcher, a 22-year veteran of the company, Texas Instruments said on Thursday.

Templeton has quietly led Texas Instruments on a rally of late. The stock has jumped 57 percent in the past year, exceeding the performance of each of the five most valuable tech companies except for Amazon, which has climbed 60 percent.

Revenue has increased by more than 12 percent in each of the past three quarters.

Texas Instruments is benefiting from growth in the automobile industry, where there's rising demand for new applications and processors as well as continued expansion in consumer devices and industrial machinery.

The change will take place June 1, as part of a "well-planned succession," the company said, that follows Crutcher's promotion to operating chief last year and his election to the board in July.

 

Editor’s Note: This is a guest post from CNBC.