GlobalFoundries chairman Hector Ruiz steps down after insider trading allegations
Hector 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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About the Author, Dean Takahashi
Dean is lead writer for GamesBeat at VentureBeat. He covers video games, security, chips and a variety of other subjects. Dean previously worked at the San Jose Mercury News, the Wall Street Journal, the Red Herring, the Los Angeles Times, the Orange County Register and the Dallas Times Herald. He is the author of two books, Opening the Xbox and the Xbox 360 Uncloaked. Follow him on Twitter at @deantak, and follow VentureBeat on Twitter at @venturebeat.