Hector Ruiz quits Global Foundries
AMD'S PREVIOUS PRESIDENT and CEO Hector Ruiz has stepped down from his relatively new post as Chairman of Global Foundries, AMD's fab spin-off.
A press release from Global Foundries stated that Ruiz will take a voluntary leave of absence effective immediately, and will officially leave his post on 4th January 2010.
As previously reported by the Inquirer just last week, the Wall Street Journal learned that the US Attorney's office came into evidence that Hector Ruiz might have tipped off Wall Street investment managers to the company's plans to spin off its factories and create Global Foundries.
It is alleged that, based on Hector's inside information, a fund manager at New Castle Partners, who also is alleged to have then shared the information with the hedge fund Galleon Group, went on a share-buying spree, purchasing under-valued AMD shares and subsequently profiting when AMD's share price rose in anticipation of the Global Foundries spin-off.
The WSJ stipulated that Hector has not been accused of profiting directly from insider information, but might have leaked enough information to allow others to do so, leading to possible difficulties in prosecuting him.
However, it is looking more and more likely that the allegations are bang-on, considering that the much-maligned chairman has now been forced to resign, and that Hector's legal problems might have only just begun.
Others who have been linked to the crime and arrested include Raj Rajaratnam, the Galleon Group fund manager who allegedly masterminded the activities, Bob Moffat, a senior VP and general manager at IBM, Danielle Chiesi and Mark Kurland of New Castle Partners, Rajiv Goel of Intel Capital and Anil Kumar of McKinsey and Company.
Hector Ruiz will be replaced by Alan E. (Lanny) Ross, who will serve as interim chairman, effective immediately. Ross was previously president and CEO of Broadcom and also served in high-level positions in a variety of major chip companies, including Rockwell, National Semiconductor and Fairchild. µ
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Time to run for the hills, Hector.
As King of Scotland, U.K., Hectors New Name IS: SIR Hector. Sir Hector Did NO Wrong, Federal Government Inflicted heavy losses upon US Business, Nay, Entire world.
Some of those FEDBS sales points LOST Money in spite of Insider White House Information.(WH Controls US Thru Investment)
Least Story be told, "Flabgov" Goes After Sir Hector.Intrestingly, Hector Saved Co from Zionist PUSHout.
Lans' Foundation IS In Line with AMDs' QUALITY Roots. Ultra High Speed switching IS KEY.
Publics Demand IS Candle. A.Syl. UM? No Its Full Frontal WAR, Where Is Hon John 'Bama when You Need ONE?
drashek
Time for AMD to buy GlobalFoundries back and pull it out of Arabia.
He needs jail some time with Madoff.
Just when AMD is catching its' second wind this is exactly what they didn't need.
...a veteran of one of the more proprietary / historically-open-source-unfriendly chip shops takes the reigns just as ATIMD has got its act together regarding *NIX support. While Hector departs in an information-sharing scandal.
I seriously hope that doesn't screw them up. I know naught of this guy - maybe he's a great dude, but he certainly seems to have been driving in the era when Broadcom would tell developers to fuck off without a NDA and a $multi-million OEM deal. (Or.. has anything really changed over there today?)
That could just be a corporate-culture thing - BCOM, like certain other semi houses, seem to assume everything is Valuable Proprietary Knowledge (or can't comfortably track the chains of ownership for their own designs through decades of licensing thickets) that shouldn't be released without a struggle and a blood oath not to speak of what you saw behind the curtain. I just pray he won't see an opportunity to cut "support costs" at a time when AMD has finally managed to allocate Just Enough resources to actually keep up at a level of openness on par with Intel's.
A couple wrong moves there and they could easily end up as Microsoft's next callgirl - all it takes is one top executive seeing dollar signs at an "exclusive" arrangement, and suddenly everyone is making exactly the same amount of money that they would have independently but with the rest of the world (particularly the Free one) locked out.
On the other hand, maybe I shouldn't be giving Microsoft ideas - but I guess there'll always be Chinese MIPS to fall back on.
"Time for AMD to buy GlobalFoundries back and pull it out of Arabia." .... posted by : Mark Green, 02 November 2009
An alternative and much more constructive and novel view would be for Arabia to flex ITs Intellectual Muscle and show us what can be built from/with nothing whenever Money is no object/irrelevant.
Freed from the Masses Slavery of Capitalism with its Petty Bourgeois Puppets into Fiscal and Monetary Controls is Practically Anything Possible and Virtually Nothing Impossible...... but IT does require a Plug-In to Ancient and Original Wisdom for ITs Immaculate Intelligence and Gift of Prior Knowledge ..... in Order to Honour the Prophecy with AI Caliphormation for the Leading Inside Track on Future Events with Present Happening/Active XSSXXXX Plans.
But while amanfromMars tends to have more of a tendency to be grammatically correct, Ultee makes way more sense in the long run.
Ultee looks like he may be getting victimized by a bad translation program, but amanfromMars looks like he's been dipping into some heavy drugs. ;)
Ahhhh, yes. I can't wait until the memory of my time at AMD is a distant, faint, hazy memory and will subsequently be "erased" from my resume. Who ? Where ? I'm sorry, I don't recall that alleged company, I was in Europe at the time. Talk about a career hiccup... quickly moving on.