Jensen Huang leaves Nvidia as shares fall 12%

Jensen Huang has resigned as president, CEO, and director of Nvidia effective immediately. Longtime CFO Colette Kress has been appointed CEO for now while continuing her current role. Nvidia's board has started a search for a permanent replacement and appointed Harvey Jones as chairperson.

Jones is an entrepreneur, a technology executive, and a venture capitalist who previously led Synopsys. Nvidia's share price dropped by more than 12% before the market opened. Kress joined Nvidia in September 2013 after working in finance roles at Cisco and Microsoft.

The board named Harvey Jones chairperson for the first time in company history. The company announced that its financial results for the third quarter of fiscal year 2027 will be released on Tuesday, November 17, followed by an investor call. Huang's departure follows reports that the board discussed his removal after revelations of two relationships.

One relationship was with Alice Huang, and the second was with Kimberly Powell, the company's vice president of Healthcare. Powell has been with the company since 2008. Nvidia operations managed from Israel accounted for 18% of its total revenue in the second quarter.