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Ex-AMD Chief Resigns Amid Trading Scandal

By - Source: Tom's Hardware US | B 10 comments

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.

For more on this scandal, click here.

 

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  • 2 Hide
    bk420 , November 3, 2009 3:38 PM
    Great to hear that news!
  • 0 Hide
    Mulder19 , November 3, 2009 3:53 PM

    http://online.wsj.com/article/SB10001424052748704224004574489324091790350.html
  • 1 Hide
    fazers_on_stun , November 3, 2009 4:16 PM
    After running Motorola and AMD into the ground, at least GF had the sense to fire this clown before he could do his "magic" disappearing act with their profits :D .
  • 5 Hide
    jdamon113 , November 3, 2009 4:22 PM
    I am sure they will still give him several Million as a departure bonus.
  • 3 Hide
    Ehsan w , November 3, 2009 4:40 PM
    jdamon113I am sure they will still give him several Million as a departure bonus.


    they probably gave him money so he would go away
  • 1 Hide
    bfstev , November 3, 2009 4:43 PM
    Mulder19http://online.wsj.com/article/SB10 [...] 90350.html


    wow that wsj artical was trash. How are you going to advocate insider trading? The risks and likelyhood of abuse are far too high. Not to mention that you would then have the market flip its own shit when a rumor came out from a suposably reputable sorce.
  • 1 Hide
    tipoo , November 3, 2009 5:21 PM
    Goodbye Wrector.
  • 1 Hide
    wildwell , November 4, 2009 4:04 AM
    AMD needs some positive PR quick if they expect to take make some money with their new processors.
  • 0 Hide
    liquidsnake718 , November 4, 2009 5:54 AM

    Tsk tsk... AMD going dirty.... I guess Intel must be lauding at this mishap.... at least they are doing well with their subsidiary ATi, I guess this will effect AMD's overall business until they can release newer and more updated CPU's. At least the hexacore CPUs for the mass market.... until then, I guess they are going to stick with cheap alternatives to c2d's and q cores.....
  • -1 Hide
    hellraiser06 , November 4, 2009 11:30 AM
    Quote:
    While former the former AMD boss and GlobalFoundaries chief has not been formally charged


    I go to many tech sites regularly and have never seen editing as bad as I am seeing on this site for so many days now. Kevin Parrish started the trend which I think is getting popular amongst the masses :chuckle.