Jensen Huang is no longer leading Nvidia.
The Nvidia co-founder announced his resignation as the company’s president, chief executive officer, and a member of the board through a press release issued by Nvidia’s board of directors today, November 12. Colette Kress, who had previously served as Nvidia’s chief financial officer since 2013, has stepped in as the company’s interim CEO, per the announcement, while concurrently serving in her roles as executive vice president and CFO until Nvidia names a permanent successor to Huang. Nvidia’s board is currently considering both internal and external candidates for the permanent CEO role.
“Nvidia’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” Kress said in the press release. “We will continue advancing the work that has made Nvidia a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders.”
Harvey C. Jones, a tech entrepreneur and executive who previously served as the chief executive officer and executive chairman of Synopsis, has been appointed Nvidia’s first-ever chair of the board, per the release.
“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” Jones said in the press release. “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.”
Huang’s abrupt exit from Nvidia follows a whirlwind of reports and controversy surrounding his admission of an extramarital affair in a memo sent to Nvidia employees on November 8, which was complicated by allegations that Huang’s mistress, Alice Huang, was working as a Chinese spy. On November 11, reports surfaced of a second affair between Huang and a subordinate at Nvidia. Huang has not yet publicly acknowledged the second affair, but Nvidia shares fell 8 percent following the revelations. Conversely, Nvidia’s stock price bounced up by roughly 6 percent in the hour after the announcement of Huang’s resignation today.
“To my colleagues at NVIDIA, including those I have worked alongside for decades, and to our board, partners, and shareholders around the world: you deserve better from me,” Huang wrote in the November 8 memo. “Leading NVIDIA is the privilege of my life. My responsibility is to serve you and be worthy of your trust. I have fallen short of that responsibility. I am fully committed to NVIDIA and will work to earn back your confidence.”
Following the announcement of Huang’s resignation as leader of Nvidia, the company acknowledged his contributions, describing them as “profound” in the press release.
“Nvidia is one of the most consequential technology companies in the world,” the press release said. “The Board and the company thank Jensen for his immeasurable contributions to the company and the industry.”