Huang resigns from Nvidia: the founder falls in a week and the stock plunges

Nvidia announced Thursday that Jensen Huang resigned effective immediately as president, chief executive and board member. The board accepted his resignation on Tuesday, November 11. The statement gives no reason for the departure.

Chief financial officer Colette Kress is interim CEO and stays as CFO, while Harvey C. Jones chairs the board. Shares fell more than 13% on the news and closed down 4.3%. Nvidia keeps its earnings date of Tuesday, November 17.

The resignation caps a turbulent week: on November 8 Huang admitted infidelity and the board opened an independent investigation into whether he was the target of a foreign intelligence operation over his relationship with Alice Huang, suspected by U.S. intelligence of spying for China. On November 11 The New York Times reported a second relationship, with a company executive. Read the November 8 note on the investigation.

Huang co-founded Nvidia in 1993 and led it for 33 years, turning it into the key company of artificial intelligence. Is Nvidia still Nvidia without its founder?

Photo: El País

Source: Investopedia, Le Monde and Nvidia (statement)