Nvidia ($NVDA) announced that co-founder Jensen Huang resigned as CEO, president and director effective immediately on November 12. CFO Colette Kress will serve as interim CEO. Shares traded around $155.36 premarket, down 10.6% from Wednesday’s close.
- Kress, CFO since 2013, will retain her finance responsibilities. Harvey C. Jones becomes Nvidia’s first board chair; the permanent CEO search will consider internal and external candidates.
- The departure follows a board investigation into Huang’s relationship with Megaspeed founder Alice Huang. China denies allegations that she was a Chinese intelligence asset.
- The New York Times separately reported an alleged relationship with healthcare executive Kimberly Powell. Nvidia declined comment; Powell did not immediately respond.
- Senator Kevin Cramer called for Huang to step aside and supported a subpoena if he refused to testify.
- Nvidia reported $4.69 million in federal lobbying spending through September. Filings list chip export controls, semiconductor trade and AI legislation, including contacts with Congress and Commerce.
- Nvidia will report fiscal third-quarter results November 17 as scheduled.
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- Nvidia ($NVDA): Begins a CEO transition following its co-founder’s resignation.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
