NVIDIA’s longtime CEO, Jensen Huang, has resigned following multiple affairs, including one with an alleged spy and a second with an executive who reported directly to him.
It has been a whirlwind week for NVIDIA, one of the world’s richest tech companies. Last Sunday, NVIDIA announced it was investigating Huang following reports that he had an affair with an alleged Chinese spy. The situation got even worse yesterday when reports of Huang having an affair with one of NVIDIA’s top executives came to light.
NVIDIA says its chief financial officer, Colette Kress, will serve as interim CEO until the company names a permanent successor. The company’s board began its search immediately.
NVIDIA’s board has also appointed director Harvey C. Jones as its first-ever chair. Jones, an investor and chip design executive, has been on NVIDIA’s board since 1993, when the company was founded in San Jose.
“I recognize that this has been an extraordinarily difficult period,” NVIDIA’s new interim CEO wrote in a memo to employees, as reported by The Wall Street Journal.
“We play a vital role in building the technology that is powering the AI revolution, and we have important work ahead of us,” Kress continued.
For Jensen Huang, this marks a disastrous end to what had otherwise been an incredible run at the helm. Since NVIDIA’s founding, its valuation has increased by more than 400,000%. In just the past five years, during the AI arms race, the company’s stock has surged nearly 430%, making NVIDIA a $4.5 trillion company.
“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” said Harvey Jones.
“She is supported by an experienced leadership team that has been instrumental in executing NVIDIA’s strategy and advancing its technology roadmap. The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption,” Jones continued.
NVIDIA is slated to report its third-quarter fiscal 2027 financial results on Tuesday, November 17, as previously scheduled. Its stock has dropped around 15% this week due to Huang’s scandals and is down over 28% in just the last month. Year to date, NVIDIA’s stock has plunged about 16%.
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