Nvidia CEO Jensen Huang steps down after 33 years and scandals
Nvidia co-founder Jensen Huang has resigned as CEO after 33 years, following two scandals. CFO Colette Kress has been named interim chief executive.
Key Takeaways
AIUS tech giant Nvidia announced Thursday that co-founder Jensen Huang has stepped down as chief executive after 33 years leading the company to a $4 trillion valuation and a central role in the artificial intelligence boom. Chief Financial Officer Colette Kress has been appointed interim CEO.
Huang's resignation follows revelations of a romantic relationship with businesswoman Alice Huang, an employee of Chinese firm Megaspeed, an Nvidia client whom US intelligence suspects of being a Chinese spy.
On Sunday, Huang apologized for "betraying his wife" without giving details, and denied compromising national security or company secrets. The case has raised concerns about Nvidia's awareness of Singaporean and Malaysian firms allegedly circumventing US export controls to access its technology. On Tuesday, the board announced it had hired law firm Wachtell Lipton to investigate the intelligence allegations.
On Thursday, The New York Times reported a second relationship between Huang and Kimberly Powell, Nvidia's vice president for healthcare. Subsequent reports said the board convened to discuss the company's future.
Huang's resignation also highlights his close ties to former US President Donald Trump, whom he accompanied on a visit to China in May, and his influential voice in US AI policy, advocating for chip exports to China. His standing in Washington had already been in question, with Democrats poised to take control of Congress and pledging investigations into company matters.
Nvidia's stock has surged nearly 14-fold since the launch of ChatGPT in late 2022, though it has recently declined amid the scandal and a broader selloff in AI shares.
Huang's departure marks a major shift for the AI industry, where he became a global figure—famous for his trademark leather jacket—after making Nvidia a central player as a technology supplier, client, investor, financier, and partner to dozens of companies in the sector.