In light of allegations that he aided insider trading, Globalfoundries chairman Hector Ruiz has tendered resignation for his post effective immediately.

According to reports, Ruiz unlawfully divulged AMD’s plans to spin off its manufacturing arm into an independent foundry with funding from the Advanced Technology Investment Co. After departing AMD, Ruiz soon became chairman of the the spin off, better known as Globalfoundries.

The recent resignation is linked to a broader case unfolding between the US SEC and executives from IBM and Intel. The SEC alleged last month that six high-ranking businessmen, including IBM SVP and GM Bob Moffat and Intel Capital Director of Strategic Investments Rajiv Goel helped the Galleon Investment Group turn $20 million in inside trades throughout 2007. Compromised stocks are said to include Hilton Hotels, AMD, Sun Microsystems, Google, Polycom, and IBM.

Ruiz had originally intended to resign in the beginning of 2010; he will be succeeded by board member and interim chairman Alan Ross until a permanent candidate can be found.