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Ex-AMD CEO Hector Ruiz steps down as Globalfoundries chairman amid insider trading scandal
We won't dive back into all the backstory that led to former AMD CEO Hector Ruiz's current troubles as the chairman of AMD spin-off Globalfoundries, but let's just say that when your name is in the same sentence as "insider trading scandal" and "hedge fund probe," you're probably in a pretty bad way. While this story is obviously still far from over, it looks like Ruiz has at least realized the gravity of his predicament, and announced today that he's taking a "voluntary leave of absence" before formally resigning from the company on January 4th, 2010. He'll be replaced immediately by former Broadcom CEO Alan "Lanny" Ross, who will serve as interim chairman until the company's board appoints a permanent chairman.
Ex-AMD chief Hector Ruiz caught up in insider-trading scandal
Hector Ruiz certainly led a checkered career as CEO of AMD, earning the highest CEO salary in the semiconductor industry as his company's stock dropped, its products dragged, and its fortunes sank, but the man didn't stop there -- it looks like he may also have been involved in a little illegal insider trading on the side. According to the Wall Street Journal, Ruiz is the heretofore unnamed AMD executive who illegally tipped off a hedge fund investor about the company's big spinoff of Globalfoundries, ultimately leading to criminal and civil charges against Galleon and six of its employees. Ol' Hec's currently in the clear, as he hasn't been charged with anything, but considering he's now the chairman of Globalfoundries, well, let's say things are about to get a little sticky. We'll let you know -- we've got a feeling Gizmondo's Stefan Eriksson is going to look like small potatoes when this is all over.
AMD breakup just weeks away?
Those AMD breakup rumors are back with a bullet this morning thanks to some chatty sources speaking to TG Daily. Though this one can hardly be called rumor since it was AMD's own freshman CEO, Dirk Meyer (pictured), who said that AMD was "just months away" from spinning off its manufacturing and fabrication business into a separate entity. TGD's sources claim that an announcement is indeed planned for next month in fruition of its Asset Light and Asset Smart strategies. With it, we'll see Meyer take over the development of chip technologies while someone else (possibly Hector Ruiz, who recently shed his CEO role but stayed on as the board's chair) taking responsibilities of manufacturing. Let's just hope that they can get past this distraction in short order -- a strong, focused AMD is good for the industry and that's good for us consumers.
Hector Ruiz steps down as AMD CEO
Don't say the writing wasn't already littering the walls, because it was. Just months after AMD hacked its workforce by 10% and let its CTO walk away without being replaced, the company's second CEO after Jerry Sanders has spent his last day in AMD's biggest corner office. Hector Ruiz has decided to walk away from his role in the flagging outfit, leaving his right hand man (that would be Dirk Meyer) to take over whatever there is to take over. Of note, Mr. Ruiz will still have ties with the company as he remains on its board of directors as "executive chairman," though it's hard to say how much influence he'll have from there. Really though, what's next?[Thanks, nehemoth]
AMD denies Ruiz raise, says it's just a misunderstanding
Last week, we reported that Hector Ruiz -- CEO of chipmaker AMD -- had received a 7.4-percent raise even though the company has been struggling as of late and its stock has dropped considerably over the past year. Now, according to reports, the rumors of the pay increase have turned out to be the product of a misinterpreted SEC filing -- or so say the public relations people at Advanced Micro Devices. Apparently, the confusion stems from a pay raise that the honcho received in 2006; somehow the change in figures halfway through the year led to a proxy statement of $1,046,358 -- the supposed new salary. The "clarification" still leaves a few questions unanswered, but at least for now we can sleep soundly knowing that Hector Ruiz, the highest paid CEO in the semiconductor industry, will only be earning a paltry $1,124,000 this year.
AMD's financial woes don't stop Hector Ruiz from nabbing a raise
In most jobs, if you cost the company money and generally screw up, you can expect a solid dressing-down from the management and then a swift boot out the door. Unless you run a major corporation like AMD. If you're Hector Ruiz, CEO of the ailing chipmaker, you can freely and openly admit to fouling up the works and still get yourself a tidy raise, it seems. "We blew it and we're very humbled by it and we learned from it and we're not going to do it again," Ruiz said on Thursday, just before the board of directors raised his $1,046,358 salary to $1,124,000 -- a 7.4-percent gain. Oh, did we mention the nearly $13 million in stock options too? Hey, just because you tacked on $3.7 billion dollars in long term debt and your stock plummeted 56.2-percent doesn't mean you're doing a bad job... although we can't think of another way to describe it.
CE-Oh no he didn't! Part LIII: AMD's Hector Ruiz badmouths Intel
In an unsurprising turn of events, AMD honcho Hector Ruiz has taken advantage of a recent interview to verbally smack up competitor (and market kingpin) Intel. In the midst of a sit-down, the chipmaker's CEO claimed that rival Intel was playing a game of catch up to AMD's innovation, stating, "If you look at the last five years, if you look at what major innovations have occurred in computing technology, every single one of them came from AMD. Not a single innovation came from Intel." Ruiz went on to blast the Santa Clara-based company, saying that, "Intel continues... to abuse their monopoly and that's why around the world governments and regulatory agencies continue to go after them." Hey -- at least he doesn't seem to be feeling bitter about the whole thing.[Via The INQUIRER]
