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Hector Ruiz – Globalfoundries chairman steps down

Hector Ruiz – Globalfoundries chairman steps down

AMD ‘spinoff’ company Globalfoundries have just announced that their company Chairman Hector Ruiz has stepped down from his position in the company. This isn’t really much of a shock as he was apparently involved in the Galleon Group insider trading scheme.

In 2009 AMD announced a deal with Abu Dhabi based Advanced Technology Investment Co to create a new joint venture foundry organisation — named Globalfoundries. Before this job Ruiz held a number of jobs in AMD and became their CEO in 2002.

The rumours have been floating around that Ruiz was suspected of providing traders with information regarding AMD’s manufacturing plans last year.

Ruiz is due to be replaced by Alan Ross until the company can settle on a permanent replacement for his job. Ruiz is due to leave the company immediately although the formal departure is January 4th 2010 and there are as yet no charges against him for the claimed insider trading allegations.

Allan Campbell: Heaven Media

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Stuart Davidson

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