Former AMD CEO Hector Ruiz Steps Down From GlobalFoundries Board Of Directors

Former AMD CEO Hector Ruiz Steps Down From GlobalFoundries Board Of Directors

The chairman of GlobalFoundries board of directors, Hector Ruiz, has announced his resignation from the board and will step down on January 4, 2010, following a leave of absence. As we discussed last week, Ruiz has been fingered as the unamed "AMD Executive" in an insider trading scheme that began in the months before AMD spun off its GlobalFoundries busines. Transcripts of phone conversations indicate that said executive was a major source of information, although the fact that no one made any money off the scheme could shift the degree to which participants are punished.

Ruiz has been replaced by Alan Ross, who will function as interim chairman until a new chair can be appointed. GF's press release is here, but the company is terse—there are none of the usual "Hector is the greatest guy since John Lennon" quotes or frisky "We wish him the best of luck in his future endeavors." When Hector does give a reason, it's a safe bet that the long-serving CEO and board member stepped down to "spend more time with his family."
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Meanwhile, Intel's Rajiv Goel has taken "Administrative Leave" while he contemplates 20 years in prison. Goel and Rajaratnam reportedly made over $579,000 using insider information provided by Goel on Intel's investments in Clearwire.

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Throw the bum into the slammer with Bubba.

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Yep,.... these high payed jokers seem to never be content with making their money properly. They think that the whole world is too stupid to figure out what they're up to.

Welcome to Prison and don't forget to leave the soap ON THE FLOOR!

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