Nvidia this morning announced the resignation of CEO Jensen Huang, following revelations of his admitted extramarital relationship with a Singapore woman who is being investigated by the U.S. as a Chinese spy.
Colette Kress, executive vice president and chief financial officer of the Santa Clara-based tech firm, will serve as interim CEO while the board searches for a permanent successor, the company announced today.
Harvey Jones was appointed the company’s first-ever chair of the board. Jones has been an entrepreneur, technology executive, and active venture investor for over 30 years, including serving as chief executive officer and executive chairman of Synopsys.
Huang has agreed to testify before Congress by Thanksgiving. President Donald Trump suggested this morning that former Apple CEO Tim Cook should replace Huang as the head of Nvidia.
“NOW THAT Nvidia CEO JENSEN HUANG, who has done a fantastic job, has resigned, there is only one man to take his place - TIM COOK of Apple. A Legend replaces a Legend!” Trump wrote on Truth Social.
Wall Street’s reaction to Huang’s departure was swift, as Nvidia’s stock fell in after-hours trading to a new 52-week intraday low of $148.80. The share price rose to $165.50 by 8:25am, PST, following the corporate announcement. A summer stock surge had pushed Nvidia’s stock price to a record close of $239.24 on Oct. 6 before Huang’s scandal erupted.
The plummeting stock price sent the market capitalization of what was once the world’s most valuable company at $4 trillion to below $3.8 trillion, in third position behind Microsoft and Apple.
“The board is initiating a search for a permanent chief executive officer and will consider internal and external candidates,” Nvidia said in a statement this morning.
Kress joined the company in September 2013. During her tenure, she has led the company’s finance organization and has played a key role in Nvidia’s growth and evolution. Prior to joining Nvidia, Kress spent nearly 25 years in finance roles at leading technology companies, including Cisco and Microsoft.
The company was quick to take action and issue statements to bolster Nvidia’s stability and reputation.
“Colette has helped lead Nvidia through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” said Jones in a statement. “She is supported by an experienced leadership team that has been instrumental in executing Nvidia’s strategy and advancing its technology roadmap. The board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption.”
“Nvidia’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” said Kress in her statement. “We will continue advancing the work that has made Nvidia a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders.”
In a statement, the company said: “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.”
NVIDIA is to report its third-quarter fiscal 2027 financial results on Nov. 17, as previously scheduled.
