- Jensen Huang resigned as Nvidia's CEO, president, and board member effective November 12
- Colette Kress appointed interim CEO while retaining CFO role during leadership search
- Board named Harvey C. Jones as first-ever chairman and seeks permanent CEO candidates
Nvidia is facing its biggest leadership transition since its founding after co-founder Jensen Huang resigned as president, CEO and board member with immediate effect on November 12.
Chief Financial Officer Colette Kress has taken charge as interim CEO, while longtime director Harvey C. Jones has become the company's first-ever board chairman. The board has started searching for a permanent successor and will consider both internal and external candidates.
The announcement follows days of intense scrutiny surrounding Huang's personal relationships and an investigation into possible Chinese intelligence links. However, Nvidia's official announcement did not disclose a reason for his resignation.
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The company had previously appointed outside legal counsel to investigate reports involving Huang and Alice Huang, a Megaspeed executive suspected by US intelligence officials of having links to Beijing. These allegations remain unproven.
Colette Kress will hold both the interim CEO and CFO positions until the board appoints a permanent chief executive. Nvidia's board will consider both internal and external candidates fo CEO. Potential names discussed before the announcement included senior technical executive Ian Buck and external candidates such as Arm CEO Rene Haas. However, Nvidia has not confirmed any shortlist or appointment timeline.
Until a permanent CEO joins, Kress will charge the position. She joined Nvidia in September 2013 after nearly 25 years in finance roles at Microsoft and Cisco. Kress's experience gives the company an insider familiar with its finances, customers and expansion strategy.
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Jones, 73, brings three decades of experience with Nvidia. He joined its board in 1993, the year the company was founded, and previously served as CEO and executive chairman of chip-design software maker Synopsys. He also co-founded Daisy Systems and Tensilica and runs investment firm Square Wave Ventures.
The market reaction has been severe. Nvidia shares fell 8.2% on Thursday, reaching a more than 16-month low. The company has lost more than $550 billion in market value since its board launched the investigation into Huang.
The turmoil has also affected AI-linked businesses, including data-centre operator CoreWeave, while rivals AMD and Broadcom gained as investors assessed potential competitive openings.
The transition also raises questions about Nvidia's role as a financier of the AI boom. Its investments and financial commitments extend across data-centre operators and AI developers. Huang's departure therefore creates uncertainty beyond the chipmaker itself.
Nvidia's next major test arrives on November 17, when it reports its third-quarter fiscal 2027 results. Investors will scrutinise its revenue outlook, leadership succession and ability to maintain its AI growth strategy without the executive who built the company over 33 years.
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