Jensen Huang is no longer running NVIDIA. The company announced Thursday morning that Huang has resigned as president, chief executive officer, and board member, effective immediately, ending a 33-year tenure at the company he co-founded.
"NVIDIA's strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years," said Colette Kress, who was appointed interim CEO while retaining her role as CFO.
Kress, who joined NVIDIA as executive vice president and chief financial officer in September 2013, will hold both positions while the board conducts a search for a permanent replacement. That search will include candidates inside and outside NVIDIA.
Harvey Jones Named First Board Chair
The board also appointed Harvey C. Jones as its first-ever chair. Jones has been an entrepreneur, technology executive, and active venture investor for over 30 years, including serving as chief executive officer and executive chairman of Synopsys.
Jones joined the board of NVIDIA when it was founded in 1993 and has been a director ever since. He brings deep ties to the semiconductor industry at a moment when NVIDIA needs continuity.
In his statement, Jones said operations, customer commitments, and the product roadmap will continue without interruption.
The Scandal That Brought Down a Co-Founder
The scandal that brought down Huang snowballed quickly over the past two weeks. The New York Times reported in late October that Huang had a close relationship with a Chinese woman at a Singapore-based company that was buying NVIDIA chips.
Huang was involved in an extramarital affair with Alice Huang, a Chinese executive of a Singaporean company, who had allegedly been recruited by China's Ministry of State Security to serve as a spy. Though they share a surname, Alice and Jensen Huang are not related. Jensen Huang has been married to Lori Huang for 40 years.
In an email to NVIDIA staff on Sunday, November 8, Huang admitted to cheating on his wife and said he would cooperate with the investigation.
The company's share price dropped sharply on Wednesday, after the New York Times reported that Huang had a second affair, this one with an NVIDIA executive who reported to him. That report identified the employee as Kimberly Powell, NVIDIA's vice president of health care.
NVIDIA's board met Wednesday evening to decide whether to oust CEO Jensen Huang, following reports of two extramarital affairs, one with an employee and another with an alleged Chinese spy.
Markets React
NVIDIA shares fell more than 10% after news of Huang's resignation. Dan Ives, one of Wall Street's most prominent tech analysts, said NVIDIA was worth 25% less without Huang.
At these levels, NVIDIA will have lost about $1.4 trillion in market capitalization in two weeks, since the initial Times report linking Jensen Huang and Alice Huang.
The company's official announcement did not explicitly attribute the resignation to the scandal. NVIDIA's board expressed confidence that operations, customer commitments, and product development would continue without interruption.
A Company Built Around One Person
Jensen Huang founded NVIDIA in 1993 and has served since its inception as president, chief executive officer, and a member of the board of directors. At age 30, Huang cofounded NVIDIA with two friends during a meeting at a Denny's restaurant.
The company became a dominant force in accelerated computing and, more recently, the AI infrastructure buildout. NVIDIA's revenue was $4.13 billion in the fiscal year Kress joined and $215.9 billion in fiscal 2026.
Analysts are now questioning who could replace the CEO, since the company has no clear public succession plan in place. In a Bloomberg interview from mid-October, Huang was vague about succession plans. "I'm really hoping that the next CEO of the company is already at the company, but 20 years from now, I hope I stay healthy and I hope I continue to earn my keep."
That timeline has now collapsed entirely. NVIDIA's earnings call is scheduled for November 17.
