Following insider trading allegations
AMD spinoff GlobalFoundries has announced that company Chairman Hector
Ruiz has stepped down from his post. The move doesn't come as a
surprise, as Ruiz's was allegedly involved in the Galleon Group insider
trading scheme.
Ruiz is suspected of providing traders with information regarding AMD's manufacturing spinoff plans last year.
In late 2008, AMD announced a deal with Abu Dhabi based Advanced
Technology Investment Co to create a new joint venture foundry company,
which eventually became GlobalFoundries. Prior to his tenure at
GlobalFoundries, Ruiz held a number of posts at AMD and became CEO in
2002. He also spent several years with Texas Instruments and two decades at Motorola, subsequently poaching a number of Motorola execs and bringing them to AMD.
For the time being, Ruiz will be succeeded by Alan Ross, until the
company decides on a permanent candidate for the post. Ruiz will take a
leave of absence immediately, but he will formally leave the company on
January 4. Ruiz has not been formally charged in the Galleon Group investigation.
