Nvidia co-founder Jensen Huang stepped down as chief executive and left the board on Thursday, ending 33 years at the helm of the world’s most valuable chipmaker. His exit followed a fortnight of reports about his personal relationships, a board investigation and pressure from Washington.
Nvidia said its board accepted Huang’s resignation on Wednesday, and the change took effect immediately. Chief financial officer Colette Kress becomes interim chief executive while keeping her finance role. It is the first change of CEO in the company’s history, and it arrives five days before Nvidia reports quarterly earnings.
Shares fell as much as 14% in early trading, wiping close to $600 billion off Nvidia’s market value at the worst point, before recovering most of the loss. By early afternoon in New York they were down about 5%.
Jensen Huang Resigns: Key Facts
- The change: Huang resigned as president, CEO and director, effective immediately. Nvidia announced it on Thursday, November 12, 2026.
- The successor: CFO Colette Kress is interim CEO and stays CFO. Harvey C. Jones becomes the board’s first-ever chair.
- The trigger: Huang told staff on November 8 that he had been unfaithful to his wife. The board opened an investigation after reports that he was the target of a foreign intelligence effort.
- The board’s position: it has no reason to believe national security or Nvidia secrets were compromised.
- The market: shares dropped as much as 14% at the open and were down about 5% by early afternoon, roughly 30% below the October 6 record close.
- The next date: Nvidia reports third-quarter results on Tuesday, November 17.
Jensen Huang Resigns: What Nvidia Announced
The Resignation
The board accepted Huang’s resignation on Wednesday evening, according to Nvidia’s filing with the SEC. The company’s press release and the accompanying exhibit thank him for his contributions but give no reason for the decision and carry no statement from Huang.
Huang co-founded Nvidia in 1993. Under him it grew from a maker of graphics chips for video games into the leading supplier of the processors behind artificial intelligence. Its stock set a record last month after rising more than 1,700% in four years, and the company was worth about $5.5 trillion at its peak.
Kress Steps In as Interim CEO
Kress, 59, has been chief financial officer since September 2013 and spent nearly 25 years in finance roles at Cisco and Microsoft before that. She signed Nvidia’s filing as both interim CEO and CFO. The filings disclose no pay terms and no timetable for finding a permanent chief executive. Kress said she is committed to building on the foundation Huang created.
A First-Ever Board Chair
The board appointed Harvey C. Jones, an existing director, as its first-ever chair. Jones said the board has full confidence in Kress and the leadership team and expects operations, customer commitments and the product roadmap to continue without interruption.
Why Huang Resigned: Fourteen Days From First Report to Exit
October 29: The First Report
A major newspaper reported on October 29 that US intelligence had monitored a person close to Huang over Chinese intelligence concerns. The person was described as a senior executive at Megaspeed, a Singapore-based cloud company and Nvidia customer. Reports citing US officials said intelligence agencies believed she was linked to China’s Ministry of State Security. Those claims come from reporting, not from a court, and no charges against Huang have been reported.
At first, Nvidia and Huang pushed back. A company spokesperson said interactions with Megaspeed were normal and part of his job, and Huang described his dealings as business-related.
November 8: Admission and Board Investigation
The position changed on Sunday, November 8. Huang emailed staff to say he had been unfaithful to his wife. The same day, the board announced an independent investigation “in light of recent reporting” that he had been the target of a foreign intelligence effort, led by a committee of independent directors and outside counsel.
The board said it had no reason to believe national security or company secrets were compromised. Huang said he fully supported the review and was committed to protecting Nvidia and supporting America’s national security.
Washington Applies Pressure
Three Republican House committee chairs, covering foreign affairs, the Chinese Communist Party and intelligence, asked Huang to attend a closed-door briefing on his relationship with Megaspeed and Nvidia’s safeguards against espionage. Some lawmakers called for his resignation. Law enforcement sources told reporters that the Justice Department’s National Security Division is investigating Megaspeed itself. It is not clear whether the congressional briefing will go ahead now that Huang has left.
November 11: The Board Moves
On Wednesday, major newspapers reported that the board was preparing to remove Huang, and that new allegations of a second relationship had emerged. Nvidia’s filings do not mention such a relationship. Later that day the board accepted his resignation.
Nvidia Stock Falls: Market and Analyst Reaction
Shares Swing Sharply
Nvidia opened about 13% lower and touched a low near $148.80, then pared losses to trade about 5% down in the afternoon. The S&P 500 fell about 0.7%. Some retail investors bought the dip. The stock was already about 30% below its October 6 record close of $239.24 after a brutal few weeks that we covered in our look at the trillion-dollar chipmaking race.
What Analysts Said
Reaction on Wall Street was mixed. At least one analyst downgraded the stock from overweight and removed a price target, citing a likely overhang while the investigation continues. Another called it a dark day for Nvidia. Others cut price targets but kept their ratings. One analyst expects Kress to serve for about a year, with a permanent CEO coming from outside the company. Observers also noted that Nvidia has no chief operating officer and no publicly named heir.
President Trump’s Comment
President Donald Trump said Huang “has done a fantastic job” and suggested that Apple’s Tim Cook should take the job. For background on the company he named, see our Apple case study.
Megaspeed and the Export Control Question
Megaspeed has been accused of helping restricted Chinese companies obtain Nvidia’s AI chips, and Nvidia has said the company was previously examined over claims it evaded export controls. That is why the story reaches beyond one executive. Who can buy advanced AI chips is a live issue between Washington and Beijing, as our report on the US-China trade truce and AI talks shows.
What Boards and CEOs Should Take From Nvidia’s Leadership Crisis
This section is analysis and not part of the news reporting. The speed of the sequence stands out. In fourteen days a story about a personal relationship became a board investigation, a congressional request and a CEO exit at one of the world’s most valuable companies.
- Key-person risk is a board issue. Nvidia’s identity was tied to one founder, and observers noted the absence of a named successor or a chief operating officer.
- Interim structures carry their own risk. Kress now holds both CEO and CFO roles days before earnings, which concentrates responsibility in one person.
- Customer and partner exposure can become a governance problem. A relationship with a customer under scrutiny turned into a national security question.
- Speed matters. The board moved from announcing an investigation to accepting a resignation within three days.
Founder transitions are rarely this abrupt, but they come to every founder-led company. Our guides on the shifts that decide whether a founder-led company scales or stalls and lessons from founders who built iconic companies cover the planning side.
What Happens Next at Nvidia
The CEO Search
The board says it will consider internal and external candidates and has given no timetable. Until a permanent chief executive is named, Kress leads both the company and its finances.
Earnings on November 17
Nvidia reports third-quarter fiscal 2027 results on Tuesday, November 17. It will be Kress’s first earnings report as interim CEO, and investors will listen for guidance on demand, supply and any change in strategy.
Investigations Still Open
Three tracks remain: the board’s independent investigation, the request for a congressional briefing and the Justice Department’s look at Megaspeed. Any of them could produce new information.
Analysis
The business has not changed in a day. Demand for AI chips is still strong, and Kress is well known to investors. What changed is the question investors are asking. It was whether demand can keep up. It is now whether Nvidia can run without its founder while an investigation reaches a conclusion. The next two weeks, from the earnings report to the first sign of a permanent CEO, will say a lot about the answer.
This article is for information only and is not investment advice.
Frequently Asked Questions
Who is the new Nvidia CEO?
Colette Kress, Nvidia’s chief financial officer, is interim CEO. She keeps her CFO role until the board names a permanent successor.
Why did Jensen Huang resign?
Nvidia’s filings give no reason. The resignation followed his admission to staff that he had been unfaithful to his wife and a board investigation into reports that he was the target of a foreign intelligence effort.
Did Nvidia say national security was compromised?
No. The board said it has no reason to believe that national security or Nvidia secrets were compromised.
How far did Nvidia stock fall?
Shares fell as much as 14% in early trading on Thursday and were down about 5% by early afternoon.
When does Nvidia report earnings?
Nvidia reports third-quarter fiscal 2027 results on Tuesday, November 17, 2026.
Who will be the permanent Nvidia CEO?
That is not known. The board is considering internal and external candidates and has given no timetable.
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