NVIDIA CEO Jensen Huang Resigns Amid Second Affair Allegation; CFO Colette Kress Named Interim CEO

NVIDIA's Board of Directors announced Thursday that Jensen Huang has resigned as President, Chief Executive Officer and member of the Board, effective immediately, marking the abrupt end of a 33-year tenure at the helm of the world's most valuable chipmaker. The departure comes after The New York Times reported Wednesday that Huang was involved in a second extramarital affair, this time with the company's Vice President of Healthcare, Kimberly Powell, prompting a last-minute board meeting, according to AFP. Huang had previously acknowledged an affair with a woman accused of helping entities circumvent US export restrictions on high-performance chips to China, which triggered an internal investigation at the company.

The board moved swiftly to install Colette Kress, currently Executive Vice President and Chief Financial Officer, as Interim Chief Executive Officer. Kress will continue to serve in her existing finance role while leading the company until a permanent successor is named. The board said it is initiating a search for a permanent CEO and will consider both internal and external candidates. Kress joined NVIDIA in September 2013 and has led its finance organization through a period of extraordinary growth, helping steer the company's expansion into accelerated computing and artificial intelligence. Before joining NVIDIA, she spent nearly 25 years in finance roles at leading technology companies including Cisco and Microsoft.

The board also appointed Harvey C. Jones as its first-ever Chair of the Board. Jones, an entrepreneur, technology executive and active venture investor for more than 30 years, previously served as Chief Executive Officer and Executive Chairman of Synopsys. In a statement, Jones expressed full confidence in Kress and the leadership team, saying she has a deep understanding of NVIDIA's business, customers, operations and financial position and is supported by an experienced team that has been instrumental in executing the company's strategy and advancing its technology roadmap. He added that the board expects NVIDIA's operations, customer commitments and product roadmap to continue without interruption.

Kress said NVIDIA's strength has always come from its people and that she is committed to building on the foundation Huang created over the last 33 years, continuing the work that has made NVIDIA a leader in accelerated computing and AI. The company thanked Huang for what it described as immeasurable contributions to the company and the industry, calling him central to making NVIDIA one of the most consequential technology companies in the world. The leadership shake-up at the apex of the AI chip industry raises questions about continuity at a company whose products underpin much of the global buildout of AI infrastructure, though the board's emphasis on an orderly transition and the depth of its executive bench may temper concerns among customers and investors in the near term.