Jensen Huang resigns as Nvidia CEO; CFO Kress steps in

Jensen Huang has resigned as Nvidia CEO; CFO Colette Kress is interim CEO.

Nvidia's board announced that Huang resigned as President, CEO and board member, effective immediately. Kress will serve as interim CEO while remaining CFO until a permanent successor is named. The board is considering internal and external candidates. Harvey C. Jones, a director since 1993, was named the company's first-ever chair.

Huang told employees last weekend, "I was unfaithful to my wife." Separately, the New York Times reported that US intelligence officials reportedly identified Alice Huang, a former Megaspeed executive, as a suspected Chinese intelligence asset. Subsequent reports allege she was recruited to influence his position on AI chip sales to China. The Chinese government has rejected the claims. The NYT also reported Wednesday an alleged relationship with Kimberly Powell, Nvidia's VP of healthcare. Huang has not publicly addressed that allegation in the provided reporting. These allegations are reported, not proven.

Nvidia's board launched an independent investigation, announced November 8. Its announcement did not directly address the allegations. Shares fell nearly 12% in early trading Thursday and have dropped as much as 19% since Friday, a loss of more than $855 billion in market cap, per TechCrunch. Watch Nvidia's earnings on Tuesday, November 17, and the CEO search.

“I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did.”Jensen Huang, in a message to Nvidia staff

The facts we checked

According to Nvidia's board statement, as reported by TechCrunch, Tom's Hardware, Wired and 9to5Mac. Allegations about Alice Huang and Kimberly Powell are attributed to reporting by The New York Times and others and are unproven.

1. Nvidia's board announced that Jensen Huang has resigned as President, Chief Executive Officer and a member of the Board, effective immediately.Fact · Tom's Hardware, Wired, 9to5Mac
2. CFO Colette Kress has agreed to serve as interim CEO while remaining Executive Vice President and CFO, until a permanent successor is named.Fact · Tom's Hardware, TechCrunch, 9to5Mac
3. The board is searching for a permanent CEO and will consider internal and external candidates.Fact · Tom's Hardware, Wired, 9to5Mac
4. Harvey C. Jones, on Nvidia's board since 1993, was named the company's first-ever chair of the board.Fact · TechCrunch, Tom's Hardware, 9to5Mac
5. Huang told employees in a company-wide message last weekend: "I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did." He did not mention Alice Huang directly.Quote · 9to5Mac
6. The New York Times reported in late October on Huang's relationship with Alice Huang, a former Megaspeed executive. US intelligence officials reportedly identified her as a suspected Chinese intelligence asset. This is reported, not proven.Alleged · 9to5Mac, Wired
7. Subsequent reports allege Chinese intelligence recruited Alice Huang to gather information on Huang and influence his position on selling advanced AI chips to China. The Chinese government has rejected the claims.Alleged · 9to5Mac, Wired
8. The New York Times reported on Wednesday that Huang also allegedly had a relationship with Kimberly Powell, Nvidia's VP of healthcare, who reports directly to him. Huang has not publicly addressed this allegation in the provided reporting.Alleged · 9to5Mac, Wired, Tom's Hardware
9. Nvidia's board launched an independent investigation into the allegations, announced on November 8.Reported · Tom's Hardware, 9to5Mac, Wired
10. Nvidia did not directly address the allegations in its announcement and thanked Huang for his contributions to the company.Reported · 9to5Mac
11. Nvidia shares were down nearly 12% in early trading Thursday and have fallen by as much as 19% since Friday, a market cap loss of more than $855 billion.Figure · TechCrunch
12. Shares dropped more than 10% from Wednesday's close of $173.73 following the announcement, per 9to5Mac.Figure · 9to5Mac
13. Nvidia reports quarterly earnings next Tuesday, November 17.Reported · 9to5Mac

Sources

• TechCrunchNvidia’s Jensen Huang resigns, chipmaker names CFO Colette Kress as interim CEO
• Tom's HardwareNvidia CEO Jensen Huang resigns in the wake of multiple affairs, Chinese spy allegations
• WiredJensen Huang Resigns as Nvidia CEO
• 9to5MacJensen Huang resigns as CEO of Nvidia
• EngadgetJensen Huang is out as NVIDIA CEO
• Ars TechnicaNvidia CEO Jensen Huang has resigned