Nvidia co-founder Jensen Huang resigned as president and CEO on Thursday stepping down amid federal investigations and a board inquiry into his relationships, including an extramarital affair with an alleged Chinese intelligence asset.
Board Appoints Interim CEO as Shares Slip
The Nvidia Board of Directors announced that Huang resigned from his roles as president, chief executive officer, and a member of the board, effective immediately, as reported by the Nvidia Newsroom.
Colette Kress, the company’s executive vice president and chief financial officer since September 2013, agreed to serve as interim chief executive officer while continuing her CFO duties during the search for a permanent successor. Alongside the executive transition, the board appointed Harvey C. Jones as its first-ever chair of the board, according to Nvidia Newsroom.
Chinese foreign ministry spokesman Guo Jiakun on Monday rejected an allegation of Chinese spying following media reports that Nvidia had opened a probe into its CEO Jensen Huang after he acknowledged an affair with a woman U. S. officials say was working for Chinese intelligence.… pic.twitter.com/Z4fzTyaTqK
Jones brings over three decades of experience as an entrepreneur, technology executive, and active venture investor, which includes holding past positions as chief executive officer and executive chairman of Synopsys. The board said that it possesses full confidence in Kress and the broader leadership team, expressing an expectation that corporate operations, customer commitments, and the product roadmap will proceed without any interruption.
The ousting sent ripples through financial markets, with Al Jazeera reporting that Nvidia shares dropped more than 14 percent at one point on Thursday before recovering some of that ground. NBC News said that shares dropped almost 9 percent in after-hours trading as multiple reports about Huang’s future circulated. Al Jazeera said that the company controls an estimated 90 percent of the market for advanced artificial intelligence chips.
NEW, from me and @TortorelliPaige: the surprising connection between alleged Chinese spy Alice Huang and NVIDIA’s biggest Chinese competitor, Huawei: https://t.co/x3UhdxnSr4
Inquiries Into Foreign Intelligence and Multiple Relationships
The leadership crisis unfolded after intelligence officials determined that a woman named Alice Huang—a former executive at the Singapore-based chip buyer Megaspeed—was a spy working for the Chinese government.
According to ABC News, intelligence officials and Secretary of State Marco Rubio briefed Trump twice over the past year regarding the connection between Jensen Huang and Alice Huang, who have known each other since at least 2024. Al Jazeera said that bin Javaid said that there is no established evidence Huang knowingly assisted Beijing or that company secrets were compromised.
NYT says Jensen Huang had a relationship Nvidia's vice president of health care. https://t.co/restNfM7wJ
Business Insider reported that Huang had an extramarital relationship with Kimberly Powell, the company’s 48-year-old vice president of healthcare, who reported directly to him and had worked with him for more than 18 years.
Huang acknowledged his actions in a company memo made public on November 8.
I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did.
Jensen Huang, CEO
Nvidia Investigates Reports of Foreign Intelligence Efforts and Misconduct
Nvidia said that it was investigating reports that Huang had been the target of a foreign intelligence effort, adding that it had no reason to believe national security or company secrets were compromised, according to Fortune. Business Insider said that Nvidia’s code of conduct dictates that personal relationships can create a conflict of interest and states that “We promptly investigate reports of misconduct.”
Fortune’s review of public filings revealed that Lori Huang holds the position of president at the Jen-Hsun & Lori Huang Foundation, an organization that disclosed roughly $9.2 billion in assets concluding 2024. Jensen Huang is listed as the foundation’s secretary and CFO.
Bloomberg reports $NVDA board met late into the night and left Jensen Huang no choice but to resign and by then his usual take-charge attitude had reportedly given way to “whatever” and “I don’t care.” He has since called himself a “piece of sh–” and says he no longer cares… pic.twitter.com/epooC3XvWX
Lori and Jensen were co-trustees of three family trusts holding nearly 669 million Nvidia shares, representing the vast majority of the 870.6 million shares beneficially owned by Jensen as of March 23, valued at roughly $151 billion as of late November 11, according to Fortune.
Nvidia Plans to Release Third-Quarter Financial Results on November 17
As announced by the Nvidia Newsroom, the company plans to release its third-quarter financial results for fiscal 2027 on Tuesday, November 17, near 1:20 p.m.
The New York Times reports Jensen Huang allegedly had another affair, this time with $NVDA VP of Healthcare Kimberly Powell citing five people who worked at the company. The two were reportedly seen being affectionate at a hotel during Nvidia's March conference. pic.twitter.com/JrvMc302Xd
Earlier coverage: Republicans Press Jensen Huang to Testify Over Nvidia Scandal
