The Board of Directors of GPU maker and AI giant Nvidia met today to discuss the fate of President, Chief Executive Officer, and board member Jensen Huang. Follow that meeting it has been announced that Huang has resigned from his positions, effective immediately
In his place, current Nvidia Executive Vice President and Chief Financial Officer Colette Kress has agreed to serve as Interim Chief Executive Officer while continuing to serve in her current positions. She joined the company in September 2013 and is said to have played a key role in Nvidia’s growth and evolution. Before joining Nvidia, Kress spent nearly 25 years in finance roles at leading technology companies.
“Colette has helped lead Nvidia through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” said Harvey Jones, who has been appointed the first ever Chair of Nvidia’s Board of Directors. “She is supported by an experienced leadership team that has been instrumental in executing Nvidia’s strategy and advancing its technology roadmap. The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption.”
“We will continue advancing the work that has made Nvidia a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders,” Kress said of her new appointment.
The Board thanked Huang for his “immeasurable contributions” to both Nvidia and the technology industry during his time at the company.
Huang attracted controversy after admitting in an email to Nvidia employees that he had been unfaithful to his wife, amid allegations that he was the target of a foreign intelligence effort. In the email, he apologized for his actions and said he supported an independent investigation launched by the Board of Directors
“I support the investigation and will cooperate fully. I love our country and our company. I am committed to protecting Nvidia and supporting America’s national security. I am proud and grateful to be an American,” said Huang.
As w.media reported earlier on Thursday, three Republican House committee chairs have requested that Huang testify on November 18, while House Democrats had called for him to step down. There have also been calls for broader investigations into the company’s dealings with China.
The controversy has battered Nvidia’s share price with reports suggesting the company saw US$ 200 billion in market capitalization wiped out. On Thursday, the company’s share price fell by as much as 20.97 percent in pre-market trading.