Jensen Huang resigns as Nvidia CEO - Semafor

Nvidia CEO Jensen Huang resigned from the chipmaker on Thursday, sending shares down 7% and capping a whirlwind week that cast a pall over what was once the most valuable company in the world.

The chipmaker’s CFO Colette Kress will serve as interim CEO, while the board conducts a search for a permanent successor, looking at both internal and external candidates, the company said Thursday.

Semafor had earlier reported that Kress, who will address the company’s employees directly for the first time as interim CEO on Nov. 18, was in the lead to run the company on a temporary basis.

“The Board has full confidence in Colette to deliver on our commitments to shareholders, customers, partners, and to each of you,” newly appointed board chair Harvey Jones said in a letter to employees sent Thursday, which was seen by Semafor. “The board takes seriously our duty as stewards of this great company.”

Jones, the former CEO of chip design company Synopsys, was named Nvidia’s first independent board chair on Thursday. In his letter to employees, he didn’t comment on the circumstances around Huang’s exit, but cited his “profound” contributions to Nvidia.

Huang’s ouster came less than a week after he admitted to an affair with a suspected Chinese spy; on Wednesday, multiple media reports detailed that Huang had another extramarital affair with a subordinate, leaving his position untenable at the company he founded 33 years ago.

“The Board, staff and I recognize that this has been an extraordinarily difficult period and I want you to know how grateful we are for your resilience,” Kress said in a separate letter to employees seen by Semafor. “We play a vital role in building the technology that is powering the AI revolution, and we have important work ahead of us.”