Jensen Huang exits Nvidia as president, CEO and board member

Detailed summary

Colette Kress takes over as interim CEO while continuing as Nvidia's chief financial officer, as the board searches for a permanent successor.

Nvidia has announced that Jensen Huang resigned as president, chief executive officer and board member, effective immediately, amid an independent investigation into reports that he was targeted by a foreign intelligence operation.

Chief Financial Officer Colette Kress was appointed interim CEO on Thursday and will retain her existing responsibilities as the board considers internal and external candidates for a permanent successor.

The chipmaker also named Harvey C. Jones, a former Synopsys chief executive, as its first board chair.

Huang, who co-founded Nvidia and is its fourth-largest investor with a stake of about 3.61 percent, will exit the board as well.Nvidia shares fell more than 10 percent in premarket trading, and weighed on the broader market.

Jones expressed confidence in Kress and the leadership team, saying operations, customer commitments and the company's product roadmap would continue without disruption.

Kress, who joined Nvidia in 2013, pledged to build on the foundation Huang had established over 33 years.

The company thanked Huang for his contributions but did not specify a reason for his resignation.

His departure follows the board's November 8 announcement of an independent investigation. At the time, directors expressed confidence in Huang and said they had no reason to believe US national security or company secrets had been compromised.

Huang acknowledged being unfaithful to his wife in a message to employees that day and pledged to cooperate with the inquiry.

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