Jensen Huang resigns as Nvidia CEO after board investigation

Key points

• Harvey Jones becomes the first Chair of the Board and announced the resignation in an internal memo
• CFO Colette Kress, in the role for over 13 years, is interim CEO while a permanent successor is sought
• Kress says a company meeting will be held on 18 November at 9am PT

Jensen Huang resigned as Nvidia's CEO on the morning of the announcement, according to an internal memo from the company's board. The board had opened an investigation into alleged extramarital affairs involving a direct report and an alleged Chinese spy, The Verge reports. Huang co-founded the chipmaker in 1993.

Harvey Jones, the board's first-ever chair, told staff that Huang had also stepped down as a board member. The board has asked CFO Colette Kress to serve as interim CEO while it searches for a permanent successor, considering both internal and external candidates. Jones said Kress, CFO for more than 13 years, had been central to Nvidia's growth and capital strategy, and the board has full confidence in her.

In her first message to staff as interim CEO, Kress acknowledged an "extraordinarily difficult period" and thanked employees for their resilience and professionalism. She said leadership would say more in the coming days and scheduled a company meeting for 18 November at 9am PT.

The Verge notes that its headline was adjusted on 12 November to better reflect the context of Kress's remark about the difficult period.

What to watch: A company meeting is scheduled for 18 November at 9am PT, where leadership will address employees about the future.

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