Hector Ruiz to step down as GlobalFoundries Chairman

Less than a week after the Wall Street Journal tied former AMD CEO and GlobalFoundries Chairman Hector Ruiz to an insider trading case, GlobalFoundries has tersely announced his resignation. According to this morning's press release, Ruiz "will take a voluntary leave of absence effective immediately before resigning from the company in January."

Ruiz will be gone for good on January 4, but the announcement reveals an interesting tidbit: the former Chairman actually submitted his resignation in September, before the U.S. Attorney's Office in Manhattan filed its suit. The suit didn't charge or even name Ruiz; it merely alleged that an "unnamed AMD executive" had tipped off hedge funds about the spinning off of AMD's fab business into GlobalFoundries last year. The Wall Street Journal eventually named Ruiz as that executive last week.

According to Bloomberg, the insider trading case has also led to the departure of IBM Senior VP Robert Moffat, who was formally charged and arrested. Moffat allegedly leaked information about the AMD spinoff, as well as IBM and Sun earnings.

At GlobalFoundries, Alan E. Ross will fill Ruiz's seat as Interim Chairman "effective immediately, until a permanent chairman has been appointed by the board." Ross, who previously sat on the GlobalFoundries board, also used to be the CEO of Broadcom. His resume includes high-level positions at a number of other semiconductor firms, as well. (Thanks to TR reader Timothy for the tip.)

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