Jensen Huang Resigns as Nvidia CEO With Immediate Effect; Kress Named Interim Chief

SANTA CLARA — Jensen Huang has resigned as president, chief executive and a member of the board of Nvidia with immediate effect, the chipmaker announced on Thursday, ending his 33-year run at the helm of the company he co-founded in 1993. Chief Financial Officer Colette Kress will serve as interim chief executive while the board searches for a permanent successor, considering both internal and external candidates.

The resignation comes a day after reports that the board was preparing to remove Huang, following an independent probe into his personal conduct and reported links to a Chinese businesswoman whom United States intelligence agencies suspect of gathering information for Beijing. Huang has admitted an extramarital relationship and apologised to his wife, children and employees. Nvidia gave no reason for his departure in its announcement, which thanked him for his "immeasurable contributions", and Huang made no public comment. Shares fell sharply in early trading after the announcement, and the company confirmed it will report third-quarter results on November 17 as scheduled.

Kress, who joined Nvidia in 2013 and has led its finance operations, will retain her role as chief financial officer while serving as interim chief executive. The board also appointed Harvey C. Jones, the former Synopsys chief executive, as its first-ever chairman, and said it would consider both internal and external candidates for the permanent job. The leadership change caps a slide in which Nvidia shares have shed roughly $1 trillion in market value since their late-October peak, as detailed in our study of the crisis engulfing the chipmaker.