- Huang resigned as CEO, president and director; Kress will serve as both interim CEO and finance chief.
- Nvidia shares fell about 14% in early trading before closing 4.34% lower at $166.19.
- U.S. lawmakers sought a security briefing and records related to Nvidia chip exports to China.
Jensen Huang has stepped down from Nvidia, ending 33 years at the helm of the chipmaker he co-founded. Nvidia announced the change on November 12 and named finance chief Colette Kress interim CEO. Nvidia shares fell about 14% in early trading before recovering to close at $166.19, down 4.34% for the day.
Jensen Huang leaves the board as Nvidia begins its CEO search
Nvidia’s securities filing puts the leadership change a day before the public announcement. Directors accepted the resignation of Jensen Huang on November 11, effective immediately. He gave up all three positions: chief executive, president and board member.
Kress has led Nvidia’s finances since 2013 and will keep that job during the search. Directors will consider candidates from inside and outside the company. They also named former Synopsys chief executive Harvey C. Jones the first chair in Nvidia’s history.
When Jensen Huang co-founded Nvidia in 1993, the company focused on graphics for video games. The same ability to run many calculations at once later made its chips central to training AI models. By the time he left, Nvidia was worth roughly $4 trillion.
Lawmakers seek answers on chip exports and security risks
The resignation followed reports about Huang’s personal relationships. He acknowledged an affair, and news outlets reported that U.S. officials suspected a foreign intelligence effort had targeted him. The board thanked Jensen Huang in its statement but did not cite those reports as the reason for his departure.
In Washington, lawmakers asked whether the reported contact had exposed sensitive information. House Democratic leader Hakeem Jeffries sought more answers. Senators Elizabeth Warren and Chris Coons requested a briefing and asked the administration to preserve records of Nvidia’s chip exports to China.Â
Kress faces investors within days of taking the job. Nvidia said it would report fiscal third-quarter results on November 17, its first scheduled earnings release under the interim chief.
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