Nvidia CEO Jensen Huang Resigns, CFO Colette Kress Takes Over as Interim Chief

The update

Nvidia said Jensen Huang resigned on Thursday, stepping down immediately as chief executive and as a board member. Chief financial officer Colette Kress will serve as interim chief executive until a permanent leader is appointed, and former Synopsys chief executive Harvey C. Jones will become the company’s first-ever board chair. Huang admitted on Sunday to an affair with Alice Huang, a Megaspeed executive whom United States intelligence officials believe is a spy for China, according to reports. The New York Times reported on Wednesday a second relationship, with Kimberly Powell, Nvidia’s vice-president of healthcare, who reported to Huang.

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Why it matters

Huang co-founded Nvidia in 1993 and led its transformation from a gaming-chip maker into the company at the centre of the artificial intelligence boom, valued at just under $4 trillion. Shares were down 4% on Thursday after paring earlier losses of more than 10%, and Bernstein halved its share price target to $200. Analysts said the abrupt departure, with no permanent successor ready, creates uncertainty over strategy and customer relationships.

What to watch

Who Nvidia appoints permanently, and whether investigators and lawmakers pursue the reported relationships further. Candidates discussed by analysts include co-founder Chris Malachowsky and computing chief Ian Buck.

Sources

• cnbc.com — confirms the resignation, interim appointment, first board chair and market reaction
• bbc.co.uk — confirms Kress as interim head, the succession candidates and the opening share fall

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