Nvidia CEO Jensen Huang Resigns; CFO Colette Kress Named Interim CEO
Nvidia founder and CEO Jensen Huang has resigned amid a national security scandal involving an alleged Chinese spy, wiping out over $300 billion in market cap. CFO Colette Kress takes over as interim CEO.
Nvidia confirmed on Thursday that Jensen Huang has resigned from his position as president and chief executive officer. The decision comes just days after Huang admitted to a romantic affair with an alleged Chinese spy, sparking a U.S. national security crisis. According to regulatory filings, Nvidia's board accepted Huang's resignation on Wednesday.
In a transitional move, Collete Kress, Nvidia's current chief financial officer and executive vice president, will take over as interim CEO until the company finds a permanent successor. Kress will continue to serve as the company’s CFO. Additionally, the board appointed Harvey Jones, a managing partner at Square Wave Ventures and former CEO of Synopsys, as the company’s first-ever chair of the board of directors. Jones has been on Nvidia’s board since 1993.
Following the announcement, Nvidia’s shares fell more than 11% in premarket trading on Thursday. Since Friday, the company’s stock has dropped dramatically, resulting in a market cap loss of more than $300 billion.
“Jensen’s contributions to NVIDIA are profound. NVIDIA is one of the most consequential technology companies in the world. The Board and the company thank Jensen for his immeasurable contributions to the company and the industry,” the company said in a statement.