Nvidia shareholders and US-based Investment firms Altimeter and Atreides Management have issued a letter to the chipmaker with the request to adopt a slow and deliberate process over the future leadership of the company, while considering all options, including the poetntial return of Jensen Huang.
"We write as shareholders to share a view that we believe is widely agreed to among shareholders and to make a simple request," the letter shared on X by Atreides Managing Partner & CIO Gavin Barker read. It added, "we believe it is in the best interest of all stakeholders, and certainly the shareholders of Nvidia, for the Board to pursue a slow, measured, and deliberate process regarding the future leadership of Nvidia that leaves all options on the table, including the potential return of Jensen Huang."
The letter comes days after Nvidia co-founder Jensen Huang resigned as president, chief executive officer and board member, who stepped down amid mounting pressure over his admitted extramarital affair and reports that he was the target of a Chinese intelligence.
READ | Nvidia Shares Crash 13% In A Week, Wiping Out $573 Billion As Jensen Huang Exits
Supporting Nvidia co-founder, Barker said, "I also support the petition to immediately reinstate Jensen while awaiting the results of the independent investigation, but I thought this letter was a constructive starting place for dialogue with the board."
While lauding Huang's leadership, the letter stated, "There are more questions about recent events than answers. We believe the Board should avoid a rush to replace Jensen that undermines and thwarts the best interests of shareholders."
It added, "If after all the facts are known the Board decides that it is not in shareholders' best interest to have Jensen Huang back as CEO, that is the Board's prerogative. But the Founder and long time incredible leader of this extraordinary company has earned the right for a deliberate process that avoids any needless rush to replace hi before all the facts are known."
After Huang's exit, Chief Financial Officer Colette Kress was named as the interim CEO. The board has begun the search for a permanent CEO and will consider both internal and external candidates, the chipmaker said in a statement on Thursday.
"The company will be capably led in the interim by Colette Kress and team and we have no doubt the Board has the benefit of time to get this right," the letter said.
READ | Was It Really the Affair? The 'Secret Memo' That Complicates The Story Of Jensen Huang's Nvidia Exit
The development comes after the New York Times and Financial Times reported that US intelligence officials believe the woman linked to Huang, Alice Huang, an executive at Singapore-based Nvidia customer Megaspeed had ties with for China's Ministry of State Security. The board's independent members hired former acting US Attorney for the Southern District of New York Joon H. Kim and law firm Wachtell, Lipton, Rosen & Katz to run the probe on November 10.
Additonally, the New York Times reported a second extramarital relationship, with Kimberly Powell, Nvidia's vice president of health care. The Wall Street Journal then reported that the board was preparing to remove Huang, while CNBC confirmed the board had met on Wednesday to discuss his future.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.