Former AMD Chief Hector Ruiz has resigned from his position at GlobalFoundaries following reports that he played a part in an insider trading scheme.
Over the last few weeks, six people have been arrested for their alleged involvement in the largest ever insider trading scheme involving a hedge fund. While former the former AMD boss and GlobalFoundaries chief has not been formally charged, word reached the press last week that Ruiz was the AMD insider providing information to Danielle Chiesi, a former Bear Stearns executive and one of the main conspirators in the case.
GlobalFoundaries yesterday announced that Ruiz will step down from his position as chairman of the board and will immediately be replaced by Alan E. “Lanny” Ross, who will serve as interim chairman until a permanent replacement is be found. Ruiz will be taking a voluntary leave of absence until January when his resignation will come into effect.
Among the information Ruiz is alleged to have provided Chiesi are details about the timing of the spinoff of AMD's manufacturing operations into a joint venture with the Abu Dhabi government, a business we now know to be AMD's Globalfoundries.