HIGHLIGHTS Nvidia CEO Jensen Huang resigned amid a board investigation, with CFO Colette Kress named interim company CEO. Colette Kress takes over as Nvidia's interim CEO while the board searches for permanent replacement for Huang. Nvidia shares fell more than 10% in premarket trading after Huang resigned amid an ongoing board investigation. Nvidia CEO Jensen Huang has resigned effective immediately, ending his 33-year leadership of the artificial intelligence chipmaker amid an ongoing investigation. The company confirmed Thursday, November 12, that Chief Financial Officer Colette Kress will serve as interim CEO.
Nvidia CEO Jensen Huang Steps Down Amid Investigation
In its official announcement, Nvidia confirmed Huang had resigned as president, CEO, and board member. The move comes amid allegations of a suspected intelligence operation by China and reports about his personal relationships.
Jensen Huang has admitted to being unfaithful to his wife and apologized to his family and Nvidia staff. He, however, denied any compromising of national security, or giving out confidential company information in the reported relationship.
Huang's resignation comes as the Nvidia board reportedly was mulling his removal from the company. The board convened Wednesday when doubts arose regarding Huang's leadership and succession plans at the company.
Meanwhile, Nvidia installed Harvey C. Jones as the first chairman of its board of directors and began a search for Huang's permanent successor. The company stated that they will take into account both internal and external candidates.
Colette Kress Takes Over as Nvidia Interim CEO
Kress will remain Nvidia's CFO but will take on the day-to-day management of the company. She has been at Nvidia since September 2013 and previously worked in senior finance roles at both Cisco and Microsoft.
Jones said she believed in Kress and had faith in the management team behind the company, due to her understanding of Nvidia's operations and finances. The board anticipates that the company will continue its business and product development activities while maintaining service to customers, he said.
“The Board has full confidence in Colette and the leadership team,” Jones said in the company's announcement. Kress also reaffirmed the company's commitment to continuing to operate with the same business priorities, as it serves its customers, partners, developers and shareholders.
Nvidia Stock Faces Pressure as Board Continues Investigation
Nvidia shares fell more than 10% in Thursday's premarket trading as investors assessed the leadership change. The stock traded near $160.85 before the opening bell, approximately 34% below its recent record high.
The leadership change follows China's rejection of spying allegations involving Huang. Beijing described the claims as unsubstantiated, while Nvidia previously said it had no evidence that company secrets were compromised.
On November 10, Nvidia appointed former acting US Attorney Joon H. Kim to lead an independent investigation. His law firm, Wachtell, Lipton, Rosen & Katz, will examine the allegations involving Huang.
Nvidia has not announced when the investigation will conclude or when a permanent CEO will be appointed. The company will report its third-quarter fiscal 2027 financial results on November 17, followed by an earnings conference call.
Concurrent with the exit, President Donald Trump has backed Apple executive Tim Cook to replace Huang following Thursday's leadership announcement. In a Truth Social statement, Trump praised Huang's leadership and called for Cook to take over.
“NOW THAT Nvidia CEO JENSEN HUANG, who has done a fantastic job, has resigned,” Trump wrote. He added that “there is only one man to take his place - TIM COOK of Apple.”
