Nvidia CEO Jensen Huang resigns; Colette Kress to lead company for now

Detailed summary

NVIDIA says Huang has stepped down as president, CEO and board member with immediate effect. CFO Colette Kress will take over as interim chief while the board searches for a permanent successor.

Nvidia CEO Jensen Huang has resigned as president, chief executive officer and a member of the board, with immediate effect, the US-based chipmaker said on Thursday, November 12. The company's board has appointed Executive Vice President and Chief Financial Officer Colette Kress as interim CEO while it searches for a permanent successor.

Kress will retain her CFO responsibilities alongside the interim role until a permanent appointment is made. The search will consider both internal and external candidates, Nvidia said.

The board has also appointed Harvey C. Jones as its first-ever chairperson. Jones has more than 30 years of experience as an entrepreneur, technology executive and venture investor. He previously served as CEO and executive chairman of Synopsys.

Kress joined Nvidia in September 2013 and has served as its executive vice president and CFO since then. She has led the company's finance organisation and played a key role in its growth and evolution.

Before joining Nvidia, Kress spent nearly 25 years in finance roles at technology companies, including Cisco and Microsoft.

Commenting on her appointment, Jones said Kress had helped steer Nvidia through a period of extraordinary growth and had a deep understanding of its business, customers, operations and financial position.

He added that she had the support of an experienced leadership team that had helped execute the company's strategy and advance its technology roadmap. The board was confident that Nvidia's operations, customer commitments and product roadmap would continue without interruption, he said.

Kress said Nvidia's strength came from its people and that she was committed to building on the foundation Huang had created over the past 33 years.

The company would continue advancing its work in accelerated computing and artificial intelligence, while pursuing opportunities ahead, she said. Its focus would remain on serving customers, partners, developers and shareholders.

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