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GlobalFoundries chairman Hector Ruiz steps down
Following insider trading allegations
AMD spinoff GlobalFoundries has announced that company Chairman Hector Ruiz has stepped down from his post. The move doesn't come as a surprise, as Ruiz's was allegedly involved in the Galleon Group insider trading scheme.
Ruiz is suspected of providing traders with information regarding AMD's manufacturing spinoff plans last year. In late 2008, AMD announced a deal with Abu Dhabi based Advanced Technology Investment Co to create a new joint venture foundry company, which eventually became GlobalFoundries. Prior to his tenure at GlobalFoundries, Ruiz held a number of posts at AMD and became CEO in 2002. He also spent several years with Texas Instruments and two decades at Motorola, subsequently poaching a number of Motorola execs and bringing them to AMD.
For the time being, Ruiz will be succeeded by Alan Ross, until the company decides on a permanent candidate for the post. Ruiz will take a leave of absence immediately, but he will formally leave the company on January 4. Ruiz has not been formally charged in the Galleon Group investigation.