Jensen Huang Resigns as Nvidia CEO After 33 Years Amid Scandal; CFO Colette Kress Named Interim Chief

Jensen Huang has resigned as President, Chief Executive Officer, and board member of Nvidia with immediate effect, concluding a 33-year tenure at the helm of the chipmaker.

Nvidia’s Board of Directors confirmed the abrupt departure on Thursday, naming Executive Vice President and Chief Financial Officer Colette Kress as Interim Chief Executive Officer while a search for a permanent successor gets underway. Kress, who has served as the company’s finance chief since September 2013, will retain her existing responsibilities alongside the interim leadership role.

Governance Overhaul and Immediate Market Reaction

Alongside the executive transition, the board appointed director Harvey C. Jones as its first-ever Chair of the Board. In an official statement, Jones emphasised that Kress possesses a deep understanding of the company’s operations, customers, and financial position, assuring stakeholders that the chipmaker’s ongoing product roadmap will continue without interruption.

Financial markets reacted sharply to the confirmation of Huang's exit, sending Nvidia shares tumbling more than nine per cent in pre-market trading. The latest drop extends a brutal multi-day sell-off that has erased hundreds of billions of dollars in market value since the crisis began earlier in the week. Conversely, shares of semiconductor rivals AMD and Broadcom rose in early trading as investors rotated capital away from Nvidia.

Background to the Crisis

Huang’s resignation follows an intense period of corporate governance and political scrutiny. Over the weekend, the 63-year-old co-founder admitted to an earlier extramarital affair with a woman identified by American intelligence and media reports as a suspected Chinese spy, alongside reports of a separate relationship involving a direct subordinate at the company.

Earlier this week, Nvidia’s board retained the law firm Wachtell, Lipton, Rosen & Katz to conduct an independent investigation into the national security and governance implications of the allegations. While Huang stated in a letter to employees that he took full responsibility and would cooperate fully with the inquiry, pressure from institutional investors and American lawmakers calling for his departure mounted rapidly ahead of Thursday’s announcement.

What Comes Next

The leadership vacuum arrives at a delicate juncture for the global technology sector, with Nvidia scheduled to report its quarterly financial results and forward outlook on November 17.

Addressing the transition, Kress stated that she remains committed to building upon the foundation established by Huang over the past three decades. Institutional investors and global technology partners will closely scrutinise Tuesday’s earnings call for signs of operational stability and clarity on how the board plans to manage the ongoing independent review while searching for a permanent chief executive.