Hector Jesus Ruiz resigns/ousted from GlobalFoundries
Wall Street Journal recently revealed that AMD's "inside trader" was no other than Hector Jesus Ruiz, who was serving as President and CEO of AMD during the time of SEC's investigation. This investigation focuses on the investment company Galleon Group LLC. So far, they have put away the expected future CEO of IBM, a senior executive in Intel and key executives of Galleon Group LLC - into the jailhouse. The shock of Hector being the inside trader is even greater when you account the fact that former CEO of AMD was the highest paid CEO in the semiconductor industry.
The SEC investigation focused exactly on AMD splitting into two and it turns out that it was no other than Hector J. Ruiz who tipped off that the deal between AMD and two investment arms of Abu Dhabi is drawing near completion. The details of how AMD is spinning off was exclusively revealed last year on TG Daily and Tom's Hardware, but we'll leave you questioning was Hector J. Ruiz my source... or was it someone else? ;)
What is surprising to us is that Hector was brought in to AMD by the legendary Jerry Sanders, founder and former CEO of the company [Dirk Meyer is only the third CEO of AMD in 40 years] to "sharpen up the company," "makes us [AMD] serious in the eyes of investors," "respected by financial analyst community." All of the statements above were given by Jerry to either my colleagues at previous publications or to me personally, which only goes to show how good of an actor Hector actually was. After the spin-off, Hector went into the safer waters of GlobalFoundries, leaving AMD - a company which he almost ran to the ground and drove talent from the company and most importantly, got rid of people who saved AMD at times.
After AMD-nVidia merger collapsed, Hector led a 5.4 billion dollar buyout of ATI. In the end, AMD paid 5.9B USD.
Personally, Hector looks to me as a person who wants to take all the credit and invent it when no credit is due - after all, this is the person that was in command when the company decided to delay the 65nm development "because the 90nm sales were so good", whose attitude and strategy caused the departure of brilliant sales directors such as Henri Richard [introduced AMD-Ferrari link which ultimately lead to creation of GlobalFoundries - Mubadala Abu Dhabi owns 5% of Ferrari and 19.3% of AMD] and Pierre Brunswick [orchestrated the sale of old 130nm SOI equipment from Dresden to Zelengrad] or sharp-eyed executives such as Dave Orton [turned an "always loser" ATI into a winning company]... and thousands of other employees. Now, go back four years and imagine what could have happened if AMD and nVidia had merged and Jen-Hsun Huang became the CEO of a joint company.
No matter how powerful you are, every run comes to an end. Flavio Briatore was thrown out from the world of Formula One after fixing a Singapore Grand Prix in 2008, losing his post as head of Renault F1 and forced into shutting down his driver management agency. After his spell with Motorola, George W. Bush Technology Council, AMD and GlobalFoundries, Hector Jesus Ruiz was offered a Coup de Grace on last day of September, effective January 4th, 2010, with last day in the office being December 31st, 2009.
However, the Galleon Group LLC case exploded and there was no other choice for GlobalFoundries but to announce the immediate departure of their President and CEO. In order to keep the growing house in order, GlobalFoundries announced that Hector had his last day in office on Friday, October 30, 2009 and that as of today, Alan E. "Lanny" Ross is being appointed as interim chairman, until GlobalFoundries appoints a new permanent leader.
The remaining members of Board of Directors are Hani Rarhoush [Mubadala Development Company], Maurizio La Noce [Mubadala Energy & Industry], Giuliano Meroni [AMD], Bob Palmer [AMD], Bob Rivet [AMD], Barry Waite [Chartered Semiconductor] and Katy Wells [AMD].
While talking to an industry insider close to the heart of GlobalFoundries, we were told "the air is more cleaner now." [That is the direct quote. We know that it isn't necessarily the right wording].
© 2009 Bright Side Of News*, All rights reserved.
|
|
