Nvidia CFO Colette Kress will take over as interim CEO as the company begins its search for a permanent successor.
Nvidia Corporation – Jensen Huang resigns as president, CEO and board member with immediate effect. | Image: Bloomberg
Akshita Singh New Delhi
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Embattled Nvidia co-founder Jensen Huang on Thursday resigned as president, chief executive officer (CEO), and a member of the company's board with immediate effect, the chipmaker announced on Thursday. Chief Financial Officer (CFO) Colette Kress will serve as interim CEO until the company finds a successor to Huang. Nvidia also appointed Harvey C Jones as the company's first-ever chairman of the board, the company said in a statement. Huang, who co-founded Nvidia and led the company for 33 years, will no longer hold an executive position or a seat on its board. The company's stock fell over 13 per cent in pre-marketing trading, but recovered somewhat when markets opened, trading at $161.78, or close to 8 per cent below its Wednesday close, on Nasdaq.
The not-entirely-unexpected resignation came after reports of two extramarital relationships involving Huang came to light, putting the co-founder of the world's largest chip manufacturing firm, and one critical to the surging artificial intelligence industry, under a cloud. One involved Alice Huang, a businesswoman suspected by US intelligence officials of working for Chinese intelligence, while the other involved Kimberly Powell, a senior Nvidia executive who reported directly to him.
Meanwhile, Nvidia's board is reported to have begun searching for a permanent CEO, considering both internal and external candidates.
Colette Kress to serve as interim CEO
Kress joined Nvidia in September 2013 and has led its finance organisation for more than a decade. Before joining the company, she spent nearly 25 years in finance roles at technology companies, including Cisco and Microsoft.
Announcing the leadership transition, Jones said Kress had played a key role in Nvidia's growth and understood its business, customers, operations, and financial position.
"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," Jones said.
Kress said she would work with the leadership team to build on the company's existing foundation.
"Our focus remains on serving our customers, partners, developers and shareholders," she said.
Kress will retain her position as executive vice president and CFO while serving as interim CEO.
Board investigation into national security concerns
Nvidia's independent directors had initiated an investigation into whether Huang was targeted by a foreign intelligence operation, the company said.
Earlier this week, the board appointed former acting US Attorney for the Southern District of New York Joon H Kim and his law firm, Wachtell, Lipton, Rosen & Katz, to conduct an independent inquiry.
The probe followed reports linking Huang to Alice Huang, who is also a former executive at Singapore-based cloud company Megaspeed. US intelligence officials suspect her of working for China's Ministry of State Security.
Megaspeed, an Nvidia cloud partner with access to its chips, has also faced scrutiny over allegations that it helped China obtain advanced artificial intelligence chips restricted under US export controls. China has denied the espionage allegations.
Huang apologised to Nvidia employees earlier this week for being unfaithful to his wife. In a message published by the company, he said: "I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry."
He also addressed the national security concerns, saying: "I am fully committed to NVIDIA and will work to earn back your confidence."
The controversy snowballed on Wednesday after The New York Times reported that Huang had had a separate relationship with Powell, Nvidia's vice president of healthcare, who reported directly to him. The newspaper cited five people who had worked at the company.
Nvidia and Powell did not immediately respond to requests for comment on the report. Reuters said it could not independently verify the allegations.
Nvidia shares fall amid leadership uncertainty
Nvidia shares fell more than 13 per cent in pre-market trading on Thursday. On Wednesday, the stock closed at $173.73.
The chipmaker's shares also declined around 7 per cent in early Frankfurt trading on Thursday, Reuters reported.
The leadership change comes ahead of Nvidia's third-quarter fiscal 2027 results announcement on November 17. The company said the results announcement and earnings call would take place as scheduled.
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First Published: Nov 12 2026 | 7:25 PM IST
