Nvidia seeks first new chief in 33 years after Jensen Huang quits
Finance chief Colette Kress is in charge for now as analysts, including two in Sydney, weigh who could lead the AI chip giant permanently.
Nvidia is looking for its first new leader in 33 years after co-founder Jensen Huang stepped down on Thursday. Chief financial officer Colette Kress has been named interim chief executive while the board searches for a permanent replacement. The South China Morning Post reported that Huang, 63, quit as president, chief executive and board member with immediate effect, citing a company filing with the US securities regulator.
The BBC reported that Huang resigned over reports of extramarital affairs, one of them with a woman suspected of being a Chinese spy. In an earlier report published by Mint, Reuters said a source had told it the board would meet on Wednesday to decide whether to oust him over reports of two affairs.
According to the BBC, Nvidia shares opened more than 13% lower in New York shortly after the announcement, wiping more than half a trillion dollars off its market value. Reuters described a US$600 billion selloff over the week and said Nvidia was now the world's second-most valuable company. Bernstein analyst Stacy Rasgon halved his price target, writing: "We've had enough and prefer to watch from the sidelines."
Two Sydney investment figures spoke to Reuters. Anna Wu, founder of Floodlines Research, called Huang "a rockstar in the industry" and said "a leader like that is very hard to replace". Armina Rosenberg of Minotaur Capital, which owns Nvidia shares, said a co-CEO structure was the "more realistic route", with Kress steadying the business and finances alongside engineer Ian Buck as product and technology leader.
Kress, 59, joined Nvidia in 2013 after working at Microsoft, Cisco and Texas Instruments, and will remain CFO during the search. Josh Gilbert of eToro called her "the obvious choice to steady the ship" but said the board would likely want an engineer in the permanent role.
Buck joined in 2004, helped develop the company's CUDA software and is head of product for hyperscale AI. Reuters reported that prediction market Polymarket favoured him as successor, with Kress second, though trading volume was small. Charu Chanana of Saxo told the BBC he could protect Nvidia's technological edge but his handling of commercial relationships and geopolitical challenges "would face scrutiny".
Other names raised include co-founder Chris Malachowsky, 32-year veteran Jeff Fisher, Huang's two children, who are Nvidia executives, and Arm chief executive Rene Haas. Jun Bei Liu of Ten Cap told the BBC that Apple chair Tim Cook knew how to manage global supply chains, though she doubted he would leave. The BBC noted Nvidia's processors are made with help from Taiwan's TSMC and South Korea's SK Hynix and Samsung.
"The issue is no longer simply about personal conduct," Liu said, adding it was about governance, national security concerns and confidence in the company's leadership. The board has said it will review internal and external candidates.
Sources: South China Morning Post, Nvidia’s hunt for Jensen Huang’s successor: insiders, rivals and a Trump pick; BBC News, Who is Nvidia's interim CEO Colette Kress - and who could take over permanently?; Mint, Who would be next CEO at Nvidia? Top engineer and CFO favored as candidates; The Economic Times, Trump has a surprise name for Nvidia’s biggest job.
