Nvidia said Jensen Huang resigned as chairman and CEO effective Nov. 12. CFO Colette Kress will serve as acting CEO while the company searches for a permanent successor. (Foto: Instagram)
Jensen Huang resigned as Nvidia’s chairman and CEO effective immediately on Thursday, Nov. 12, the company said. Huang, 63, will be replaced on an interim basis by Chief Financial Officer Colette Kress, who will continue in her current roles while serving as acting CEO until a permanent successor is selected.
Nvidia’s board confirmed the change and said it has begun searching for a permanent CEO. The company said it will consider both internal and external candidates.
The leadership change comes as Huang and Nvidia face a shareholder lawsuit alleging fraud over his relationship with Alice Huang, a former executive at Singapore-based Megaspeed who is not related to the CEO. The company is valued at $4.3 trillion, equivalent to 23.65 trillion Brazilian reais, according to the report.
The lawsuit was filed in federal court in San Jose, California. It alleges Nvidia and Huang misled shareholders about the executive’s alleged involvement with Alice Huang. Shareholders further claim the situation raised national security concerns and threatened Nvidia’s reputation and business prospects. The allegations have not been established as fact.
The lawsuit emerged after President Donald Trump said the FBI was investigating Huang’s relationship with Alice Huang, who has publicly acknowledged having an extramarital affair with him. After reports that Nvidia was preparing to remove Huang, the company’s shares fell more than 8% in after-hours trading. If those losses hold, Nvidia may have lost about $685 billion in market value since the company announced an internal investigation into Huang’s relationship with the businesswoman.
