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Ruiz has been replaced by Alan Ross, who will function as interim chairman until a new chair can be appointed.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."