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Moffat no longer with IBM as fallout from insider trading scandal continues

IBM conformed today that Bob Moffat, a senior IBM executive arrested last month as part of an FBI insider trading sting, is no longer with the company.
Written by Sam Diaz, Inactive
Robert Moffat, a senior IBM executive who was arrested in an FBI insider trading sting this morning, is no longer employed by the company, a company official has confirmed.
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Moffat, who spent 31 years with the company, was most recently a senior VP responsible for “all IBM hardware offerings as well as the microelectronics division.” In that position, Moffat reported directly to company chairman, president and CEO Sam Palmisano. In a statement, the company said:

Rod Adkins, who was named acting head of IBM's Systems and Technology Group on October 19, has been appointed senior vice president, STG. Bob Moffat, who had been placed on a leave of absence as a result of a U.S. federal investigation into his personal activities, is no longer an employee of IBM.

The company did not specify whether Moffat resigned or was terminated. It provided no other details, citing a policy of not commenting about personnel issues involving current or former employees.

Adkins, who has been with the company since 1981, has held a variety of product development, business operations and general management positions with the company, including general manager of desktop systems for the old PC division and head of the UNIX business from 1998 to 2001. In 2002, he was on Fortune's list of the 50 Most Powerful Black Executives in America.

Moffat surrendered to FBI officials as part of the sting on Oct. 16 and was placed on temporary leave of absence days later.

This morning, GlobalFoundries issued a press release announcing that chairman and former AMD CEO Hector Ruiz, who reportedly leaked confidential information about AMD's reorganization as part of the Galleon Group insider trading operation, will resign his position as chairman of the board, effective Jan. 4. Ruiz is currently on a voluntary leave of absence.

GlobalFoundries did not cite a reason for Ruiz's resignation.

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