Nvidia’s board said Thursday that Jensen Huang has resigned as president, chief executive, and a member of the board, effective immediately, according to a company announcement. The board appointed Chief Financial Officer Colette Kress as interim chief executive and said it would search for a permanent successor, considering internal and external candidates.
Kress, who has been Nvidia’s chief financial officer since 2013, will continue in that role while serving as interim chief executive, the company said. The board also named Harvey C. Jones, a former chief executive of Synopsys who joined Nvidia’s board in 1993, as its first chair, according to the company and CNBC.
“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,” Jones said in the announcement. Kress said she was “committed to building on the extraordinary foundation Jensen created over the last 33 years.”
Nvidia shares opened down more than 13%, CNBC and BBC News reported, and the BBC said the decline wiped more than half a trillion dollars off the company’s market value. CNBC said the chipmaker’s market capitalization fell below $4 trillion and that the stock was on pace for its worst day since January 2025. Nvidia said it still plans to report fiscal third-quarter results on Tuesday.
The board accepted Huang’s resignation on Wednesday, according to a regulatory filing reported by TechCrunch. CNBC and NBC News had reported that directors met Wednesday night after The New York Times reported a second extramarital relationship, involving an Nvidia executive who reported to him. NBC News said it had not independently verified that account. Earlier this week, Huang told employees he had been unfaithful to his wife, CNBC and BBC News reported, following reports of a relationship with a woman U.S. officials have described as a Chinese intelligence operative. China has denied the allegations, NBC News reported.