Nvidia’s Board of Directors announced on Thursday morning that co‑founder and long‑time CEO Jensen Huang has resigned immediately as president, CEO and member of the board. The move is unexpected for one of the world’s most valuable companies, whose chips have been central to the recent AI boom.
Reports cited in the press say Huang’s departure followed allegations of personal relationships, including affairs with an alleged Chinese spy and with a direct report at Nvidia. While the board conducts a broader search for a permanent successor, the company has appointed its Chief Financial Officer and Executive Vice President, Colette Kress, as interim CEO.
Background on Colette Kress
According to Nvidia’s corporate information, Colette Kress joined the company in September 2013. Prior to Nvidia, she spent three years as Senior Vice President and CFO of Cisco’s Business Technology Operations Finance organization, and she worked at Microsoft for 13 years, including four years as CFO of the Server and Tools division.
Kress is 59 years old and based in California. She holds a finance degree from the University of Arizona and an MBA from Southern Methodist University. Her public social media footprint is limited — on LinkedIn she has occasionally posted well wishes for former colleagues — but as CFO she has been a regular presence on Nvidia’s earnings calls and is familiar to analysts who cover the company.
Forbes estimates Kress’s net worth at about $1.2 billion and notes that she initially joined Nvidia in part because her two sons recommended the company for its role in the video game industry, which was Nvidia’s primary association at the time.
What comes next
Nvidia’s market capitalization at the time of the announcement was reported to be around $3.8 trillion. In a statement, Kress said: “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. 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.”
Nvidia is scheduled to report its quarterly earnings on Tuesday, when the company is likely to provide more detail about Kress’s immediate plans as interim CEO and the board’s process for selecting a permanent successor.
