Business

GlobalFoundries chairman Hector Ruiz steps down after insider trading allegations

hectorHector Ruiz, one of the most respected statesmen in the chip industry, had his reputation tarnished last week after he was identified by unnamed sources for tipping off Galleon-related traders who used the information to make illegal insider trades.

Now he is stepping down as chairman of GlobalFoundries, the chip company that spun out of Advanced Micro Devices earlier this year. Ruiz is former chief executive of AMD and was known widely for taking on Intel in a wide-ranging antitrust case.

Ruiz will be replaced by Alan E. “Lanny” Ross, who will serve as interim chairman, effective immediately, until a permanent chairman has been appointed by the board. Ross was the former president and CEO of chip maker Broadcom. Ruiz allegedly tipped off a trader that AMD would split itself into two companies. While Ruiz has not been charged with insider trading himself, the traders who received the information have been named as defendants in criminal complaints.


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