Ruiz resigns from Globalfoundries

Hector Ruiz steps down as chairman of Globalfoundries amid AMD insider trading allegations

Tags: Advanced Micro Devices IncorporatedGLOBALFOUNDRIES IncorporationUSAUnited Arab Emirates
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Ruiz resigns from Globalfoundries Ruiz will take an immediate leave of absence before his resignation becomes effective in January next year. (ITP Images)
By  Mark Sutton Published  November 3, 2009

Hector Ruiz, chairman of Globalfoundries, is to resign from the Abu-Dhabi owned chip manufacturer in January.

According to a statement issued by Globalfoundries yesterday, Ruiz will take an immediate leave of absence, and will resign from 4th January 2010.

It was unclear whether the resignation was linked to Ruiz being named in news reports over an insider trading investigation, with the statement saying that he had submitted his resignation in September.

Ruiz was previously chairman and CEO of AMD, which established Globalfoundries in October last year through a deal with Abu Dhabi government-owned entity ATIC, which bought a majority share in AMD's chip manufacturing business, spinning it off to found Globalfoundries.

Last week Bloomberg and other news agencies said that Ruiz had been identified as the previously unnamed AMD executive who allegedly discussed the deal with an investment manager, one month before it had been publicly disclosed.

The allegations of insider trading are part of a complaint filed last month by the US attorney for New York's Southern District. The investigation also involves allegations of insider trading by the Galleon Group hedge fund and also involves Google, Intel and IBM.

Ruiz has not been charged with any criminal activity.

Globalfoundries statement said that Alan E Ross, will take on the role of interim chairman, until the board can make a permanent appointment.

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