Jensen Huang has resigned with immediate effect as CEO of Nvidia

Chief Executive Jensen Huang has resigned with immediate effect from the helm of Nvidia following the revelation of two extramarital affairs, one of which was with a senior Chinese executive at Megaspeed, a Singapore-based company suspected of being a Chinese spy. The announcement was made by the board of the world’s leading microchip manufacturer in a statement. Colette Kress, the current executive vice-president and CFO, will take over on an interim basis. Huang thus steps down from the helm of the chip manufacturer he co-founded 33 years ago, having turned it into a giant with a market capitalisation of over 5,000 billion and played a decisive role in driving the artificial intelligence boom; he is also stepping down from the board.

Kress “will continue to serve as executive vice-president and chief financial officer whilst acting as interim chief executive officer until a permanent successor is appointed”. In this regard, “the board of directors is launching a search for a permanent chief executive officer and will consider both internal and external candidates”. Kress has been vice-president and CFO since joining the company in September 2013. “During her tenure, she has led the company’s financial organisation and played a key role in Nvidia’s growth and evolution. ‘Colette has helped steer Nvidia through a period of extraordinary growth and possesses a deep understanding of our business, our customers, our operations and our financial position,’ said Harvey Jones, chairman of Nvidia’s board of directors.”

“The board has full confidence in Colette and the management team, and we expect the company’s operations, commitments to customers and product roadmap to continue without interruption,” she continued. “Nvidia’s strength has always come from its people, and, together with our management team, I am committed to continuing to build on the extraordinary foundation laid by Jensen over the past 33 years,” said Kress. As for Huang, “his contribution to Nvidia has been profound”, the Board emphasised in the statement, “the Board of Directors and the company thank him for his invaluable contribution to the company and to the entire sector”.