NVIDIA announced on November 12 that its co-founder and long-time chief executive, Jensen Huang, has stepped down from the roles of president, CEO and director, effective immediately.
Board names interim chief executive
The board appointed chief financial officer Colette Kress as interim CEO while it conducts a search for a permanent successor. The filing said the company will continue its existing product roadmap without interruption. The interim appointment also gives her full operational authority to act on behalf of the firm during the transition.
Former director Harvey C. Jones was elected as the first chair of the board. In a brief statement, Jones expressed confidence in Kress and the senior leadership team, adding that operations should remain stable during the transition. His election was confirmed by a majority vote of the directors.
Colette Kress steps into the role
Kress has served as NVIDIA’s CFO since September 2013, making her one of the longest-standing executives at the chip maker. She routinely fields analyst questions on earnings calls and is known for detailed financial briefings. During her tenure she has overseen multiple quarterly reporting cycles and managed the company’s balance sheet.
In her interim capacity, Kress said the company will keep customers, partners, developers and shareholders at the forefront of its priorities. She also pledged to build on the initiatives launched under Huang’s tenure.
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The leadership change comes amid reports that Huang admitted to personal misconduct involving two relationships. NVIDIA did not confirm those details, and the board offered no specific reason for his departure.
Following the announcement, NVIDIA shares fell about 8.2%. CoreWeave down roughly 9.1% and Micron losing 2.4%.
The company’s third-quarter earnings call is scheduled for 2 p.m. Pacific time on November 17. Analysts will be watching for any guidance on product launches, revenue forecasts and the timeline for naming a permanent chief executive.
Until a new CEO is appointed, Kress will retain both the CFO and interim CEO titles. The board’s next steps will be disclosed after the earnings release, according to the filing.