Nvidia has formally separated from Jensen Huang, its co-founder, president, and chief executive officer, effective immediately. A press release issued on Thursday confirmed that the board made the decision during a meeting held late on Wednesday night. The company appointed Chief Financial Officer Colette Kress as interim CEO to lead the organization during this transition.
The abrupt leadership change follows reports of two separate extramarital affairs involving Huang. The first relationship was with Alice Huang, an executive at the Singapore-based cloud provider Megaspeed, who has no relation to the former CEO. The second relationship was with Kimberly Powell, Nvidia’s vice president of healthcare, who reported directly to Huang. These revelations prompted the board to convene urgently on Wednesday to determine Huang’s future at the company.
In addition to replacing the CEO, Nvidia is restructuring its corporate governance. The board appointed Harvey C. Jones, the former CEO of Synopsys, to serve as the company’s first board chair in its history. This structural change marks a significant shift in how the company will be overseen in the absence of its long-time leader.
Colette Kress addressed the company’s future in a statement, emphasizing the strength of the team. She noted that Nvidia’s success has always stemmed from its people. Kress expressed commitment to building on the foundation laid over the last 33 years and continuing to advance the company’s work in accelerated computing and artificial intelligence. She assured stakeholders that the focus remains on serving customers, partners, developers, and shareholders.
Huang has led Nvidia since its founding in 1993. Under his leadership, the company became the primary supplier of chips driving AI advancement in the United States. Nvidia has enjoyed immense influence, with demand for its hardware frequently outpacing supply. The company’s investment portfolio, valued at approximately $99 billion, spans various AI firms and has granted it significant sway in the industry. Huang also maintained a close personal relationship with President Donald Trump in recent years.
The scandal began to unfold when news broke that Huang was in a romantic relationship with Alice Huang of Megaspeed. According to The New York Times, she was allegedly a surveillance operative passing information to China’s Ministry of State Security. Her focus was on gathering intelligence about advanced US AI chips and influencing the technology available to China. Huang admitted to being unfaithful to his wife in a memo to employees over the weekend and apologized to his family and shareholders.
As The Verge noted earlier this week, questions arose regarding how the affair might have influenced Huang’s push to sell advanced chips to China. There were also concerns that the relationship could have affected President Trump’s decisions on AI export controls. The timing of these revelations added complexity to a company already navigating high-profile geopolitical and business challenges.
By Monday, many analysts, venture capitalists, and even President Trump expected Huang to retain his position. Silicon Valley insiders, including Elon Musk, had publicly backed him despite the initial scandal. However, the narrative shifted on Wednesday when The New York Times reported the second affair with Kimberly Powell. Citing five people who worked at Nvidia, the report identified the specific nature of the relationship. The Wall Street Journal subsequently reported that the board was meeting to potentially oust him.
The press release did not include a direct quote from Huang regarding his departure. The company described the situation as a developing story, indicating that further updates may follow as the transition continues. The board’s decision to act swiftly highlights the urgency of the situation and the desire to stabilize leadership amidst the ongoing scrutiny.
With Kress now in the interim role, Nvidia faces the challenge of maintaining momentum in the AI market while managing the fallout from the executive scandal. The appointment of a new board chair signals a new era of oversight for the company as it seeks to reassure investors and partners of its stability and future direction.
