Nvidia CEO Jensen Huang Resigns; Colette Kress Named Interim

Nvidia chief executive Jensen Huang has resigned following revelations that he had two extramarital affairs, the Financial Times reported, with chief financial officer Colette Kress taking over as interim chief executive while the chipmaker’s board searches for a permanent successor.

According to the FT, the resignation came after the 63-year-old admitted to a relationship with a woman whom US authorities believe was a Chinese spy. The newspaper said it also emerged on Wednesday that Huang had an affair with a senior Nvidia executive.

Nvidia confirmed the departure on Thursday, TechCrunch reported, adding that a regulatory filing showed the board had accepted Huang’s resignation on Wednesday. ABC News reported that the company said it was “initiating a search for a permanent CEO”, and the FT said Nvidia would consider both internal and external candidates.

Leadership changes

Kress, who is also an executive vice president, will continue to serve as CFO alongside her interim role, according to TechCrunch. The FT said she joined Nvidia in September 2013 after nearly 25 years in finance roles at technology companies including Cisco and Microsoft.

The board also appointed Harvey Jones as Nvidia’s first-ever chair. Jones is a former chief executive and executive chair of Synopsys, the FT said, while TechCrunch reported that he is a managing partner of Square Wave Ventures and has sat on Nvidia’s board since 1993.

In a statement cited by TechCrunch, Nvidia said: “Jensen’s contributions to NVIDIA are profound.” The company’s board thanked Huang for his contributions to the company and the industry.

Market reaction

Nvidia shares fell as much as 13 per cent at the market open on Thursday before paring some losses to trade 7 per cent lower, the FT reported. TechCrunch said the stock had dropped more than 11 per cent in premarket trading, and that the company had lost more than US$300 billion in market value since Friday.

Huang co-founded Nvidia in 1993 and led it for more than 33 years, according to the FT, during which it grew from a small video-game chip company into what was until recently the world’s most valuable company. The newspaper said Nvidia’s semiconductors became integral to training and running AI systems such as OpenAI’s ChatGPT and Anthropic’s Claude.

What’s next for Jensen

Kress will lead the company on an interim basis until a permanent chief executive is named, with the board weighing candidates from inside and outside Nvidia, according to the FT and TechCrunch.

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