Hector Ruiz, head of GlobalFoundries, and former chairman of AMD, has taken an immediate leave of absence from the company and will resign in the new year.
Ruiz was linked last week with the insider trading investigation currently underway into the Galleon Group hedge fund. GlobalFoundries, the chip-manufacturing arm of AMD, said that board member Alan Ross will serve as interim chairman.
Ruiz is the second senior executive linked to the investigation to suddenly step down. IBM announced on Friday that Bob Moffat, head of IBM's Systems and Technology Group, had retired from the company.
"Bob Moffat, who had been placed on a leave of absence as a result of a US federal investigation into his personal activities, is no longer an employee of IBM," said the message posted on an internal messaging board.
The ongoing investigation into the Galleon Group hedge fund over insider trading in technology stocks has caused a storm of interest in Silicon Valley. Six people have been indicted over allegations that they shared information used by the fund to manipulate the stock market.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago