The Nvidia Board of Directors announced on Thursday that co-founder and CEO Jensen Huang has resigned from his roles as president, CEO, and board member, effective immediately. The departure marks a sudden and unexpected shift for the company, which designs the critical chips powering the global artificial intelligence boom.
Even a week prior, few observers predicted such a dramatic turn. Huang has been the central figure in Nvidia’s history for 33 years, a tenure so long that the company never established a formal succession plan. The board’s decision follows reports that Huang had affairs with an alleged Chinese spy and one of his direct reports at the company.
Colette Kress Takes the Helm
As the board conducts a search for a permanent successor, Nvidia Executive Vice President and CFO Colette Kress has assumed the role of interim CEO. Kress, 59, has been with the company since September 2013. Her career in technology finance includes three years as SVP and CFO of Cisco’s Business Technology Operations Finance organization and 13 years at Microsoft, where she served as CFO of the Server and Tools division.
Kress holds a finance degree from the University of Arizona and an MBA from Southern Methodist University. While she maintains a limited social media presence, she has been a familiar voice to financial analysts through her regular participation in Nvidia’s earnings calls. Forbes estimates her net worth at approximately $1.2 billion, noting that she initially joined Nvidia partly because her two sons endorsed the company for its role in the video game industry.
In a statement regarding the transition, Kress emphasized continuity and stability. “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,” she said. “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.”
Next Steps for Nvidia
The company is valued at roughly $3.8 trillion, making this leadership change a significant event for global markets. Nvidia is scheduled to report its quarterly earnings on Tuesday, a date when Kress is expected to provide further details on her immediate plans for the organization.
Source: TechCrunch
