Jensen Huang resigns as Nvidia CEO and board member with immediate effect

Jensen Huang, the co-founder and longtime chief executive of Nvidia, has resigned from his posts as chief executive, president and member of the board, effective immediately. The chipmaker announced the decision after a late-night board meeting, and the move comes amid a scandal involving reports of extramarital affairs, one of which was allegedly with a Chinese spy.

Colette Kress, who has served as the company's chief financial officer and executive vice president, will take over as interim chief executive and will continue in her role as CFO. Kress joined Nvidia in 2013 after earlier roles at Cisco and Microsoft. The board has also appointed Harvey Jones as its first-ever chair. According to the company, a search for a permanent chief executive is underway, and both internal and external candidates are being considered.

The resignation follows reports that Huang had been involved in at least two extramarital relationships. One was reportedly with a person alleged to be a Chinese spy. A second alleged affair reportedly involved a company executive who reported directly to Huang. The FBI has reportedly become involved in the investigation, and the board has launched its own inquiry into the matter.

The scandal has weighed heavily on Nvidia's share price. The stock fell sharply as the controversy unfolded and is now down more than 33 percent from its October peak. The company's market value has dropped to roughly $4 trillion from about $5.7 trillion at its high. Analysts have flagged the absence of a known succession plan as a particular risk for investors, a concern that carries extra weight because Huang had led the company since he co-founded it in 1993 and was widely identified with its direction.

The leadership vacuum arrives at a sensitive moment for the company, which sits at the center of the global market for advanced artificial intelligence chips. Investors have been watching closely for signs of continuity, and the decision to name a sitting finance chief as interim head reflects the board's effort to keep operational oversight in experienced hands while it looks for a permanent replacement. Kress's background across Cisco and Microsoft before joining Nvidia in 2013 gives her a long record inside large technology companies.

Nvidia now faces the prospect of shareholder lawsuits, and congressional scrutiny is considered likely given the alleged link to a foreign intelligence operative. Industry figures have also weighed in publicly. Tim Sweeney and Elon Musk both commented on Huang's future, though the substance of those remarks was not detailed in the reporting available.

The company is scheduled to report its fiscal third-quarter results on November 17, which will be the first earnings update since the leadership change and the first opportunity for management to address investors on the state of the business. Huang's next move is not known, and no new role has been announced for him.

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Connor Quincy

Technology Reporter

Connor Quincy covers public affairs, politics, business, culture and daily news for Core Memo. The role focuses on verification, context, and clear explanations for readers.

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