Ruiz to leave GlobalFoundries

Hector Ruiz, chairman of the AMD manufacturing spin-off, has taken a leave of absence amid insider trading allegations and will officially resign in January.

By Suzanne Deffree, Managing Editor, News -- Electronic News, 11/3/2009

Hector Ruiz, chairman of GlobalFoundries, has taken a voluntary leave of absence before resigning from the company in January, the company’s board has announced.

Ruiz's move comes just days after reports claimed that the former AMD leader was involved in an insider trading scheme. 

GlobalFoundries has yet to comment on the matter, saying only that the allegations pre-date the launch of the company. AMD, where Ruiz was CEO at the time of the alleged insider trading involvement, has said it is investigating the situation.

Ruiz in September had submitted his resignation with an effective date of January 4, 2010.

He 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, GlobalFoundries said.
 
Ross, a current member of the GlobalFoundries board, was previously president and CEO of Broadcom. Ross, who left Broadcom in early 2005, has also served in high-level executive positions with Rockwell Automation, National Semiconductor, and Fairchild Semiconductor.