Jensen Huang Resigns as Nvidia CEO; Colette Kress Named Interim Chief

Nvidia's board of directors has confirmed that Jensen Huang resigned as President, Chief Executive Officer and board member, effective immediately. CFO Colette Kress will serve as Interim CEO while the board searches for a permanent successor, considering both internal and external candidates. The stock fell more than 10 percent in early trading and is now down more than 23 percent over the past month.

The resignation ends Huang's tenure at the top of the company he co-founded, the dominant supplier of AI GPUs. The board's statement cited no reason. The decision follows two separate scandals that surfaced within days of each other.

What did the board announce?

"NVIDIA (NASDAQ: NVDA) Board of Directors announced today that Jensen Huang has resigned as President, Chief Executive Officer, and a member of the Board, effective immediately," the board stated. "Colette Kress, current Executive Vice President and Chief Financial Officer of NVIDIA, has agreed to serve as Interim Chief Executive Officer."

Kress will retain her CFO title during the interim period. She has held the EVP and CFO posts since September 2013. Before Nvidia, she spent 25 years at Cisco and Microsoft, among other companies.

The board also named Harvey C. Jones as the company's first-ever Chair of the Board. Jones previously served as CEO and Executive Chairman of Synopsys, the chip design software maker.

How serious are the espionage allegations?

The first scandal involves an alleged relationship with Megaspeed executive Alice Huang, whom U.S. intelligence agencies suspect may be a Chinese intelligence asset. Reports suggest the Nvidia CEO may have been the target of a spy plot rather than a willing participant; the reporting does not settle that question.

The context compounds the risk. Megaspeed is under investigation for its role in smuggling $2 billion worth of export-controlled AI GPUs into China. Nvidia sits at the center of U.S. export controls on advanced AI chips, and its CEO held knowledge of one of the most strategically sensitive product roadmaps in the semiconductor industry. Nvidia's board launched an independent investigation into whether Huang's entanglement raised national security concerns, given his role in the global AI buildout.

Over the weekend, Huang admitted he had been unfaithful to his wife and issued a company-wide apology. The board acted within days.

What was the second affair?

A second report emerged claiming Huang was also romantically involved with Kimberly Powell, Nvidia's VP of health care and one of his direct reports. Reports indicate the relationship was known inside the company. The two were filmed being affectionate at a San Jose hotel during Nvidia GTC, the company's flagship developer conference. Security allegedly sequestered a bystander who recorded the interaction and offered the person a nondisclosure agreement.

An affair between a CEO and a direct report creates governance and liability exposure independent of the espionage question. The rapid sequence — admission, second report, resignation — suggests the board treated the combined risk as unsustainable.

Why the leadership change matters commercially

Nvidia supplies the majority of AI training GPUs to hyperscalers, and its product cadence anchors data center capital spending plans across the industry. Huang's departure removes the executive who personally oversaw that roadmap and Nvidia's relationships with heads of state and chief customers alike. Kress, an eleven-year veteran of the CFO seat, provides continuity on the financial side while the search proceeds.

The share decline — 10 percent on the day, 23 percent over a month — signals investor concern over leadership uncertainty layered on an already pressured stock. The independent national security investigation remains open, and the permanent CEO search gives competitors and customers alike a fresh variable to price into the AI hardware market.