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Why has Ruiz left so GlobalFoundries so suddenly?

by HEXUS Staff on 2 November 2009, 15:00

Tags: AMD (NYSE:AMD), GLOBALFOUNDRIES

Quick Link: HEXUS.net/qauoz

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Better safe than sorry

Last week HEXUS.channel reported on revelations, first published by the Wall Street Journal, that Hector Ruiz was apparently the ‘un-named AMD executive' referred to in legal documents; who, it was alleged, had shared privileged information with an insider-trading defendant.

It seems that, in light of these allegations, the board behind Mr. Ruiz' present employers, AMD spin-off GlobalFoundries, have taken the decision that it wishes to swiftly and very publically distance itself from Ruiz by way of a press release.

The press release issued by GlobalFoundries, rather tersely states (our emphasis): "Hector Ruiz, chairman of the GLOBALFOUNDRIES board of directors, will take a voluntary leave of absence effective immediately before resigning from the company in January, the company’s board announced today. Dr. Ruiz had submitted his resignation in September with an effective date of January 4th, 2010."

Our opinion is that, in corporate speak and the way these things are usually handled, this announcement is pretty brutal.

Once more, however, it must be stressed that, as far as we're aware, Ruiz has yet to be formally accused of any wrong-doing.