What Nvidia said after CEO’s shocking exit

Listen to this article in summarized format Listen Loading... × × Subscribe to Unlock AI Briefing and Premium Content New Year Offer 24 Hours Left Subscribe Now Already a member? Sign In What's Included Exclusive Stories Daily ePaper Access Smart Market Tools Curated Investment Ideas Ad-lite Experience Subscription Agencies In a move that would certainly send shockwaves through the tech world, Nvidia CEO Jensen Huang resigned from the company as president, chief executive officer (CEO) and a member of the company's board of directors , with immediate effect on Thursday. Meanwhile, Chief Financial Officer Colette Kress has been appointed as interim chief executive officer as the chip giant begins a search for a permanent successor. Nvidia's board said it will consider both internal and external candidates for the position. Kress will continue to serve as the company's executive vice president and CFO while serving as interim CEO until a permanent successor is appointed. Also Read | Jensen Huang quits as Nvidia CEO amid affair scandal; AI chip giant names Colette Kress interim chief The company did not disclose a reason for Huang's resignation in its announcement. Live Events Kress has served as Nvidia's executive vice president and CFO since joining the company in September 2013. During her tenure, she has led the company's finance organisation and played a key role in Nvidia's growth and evolution. Before joining Nvidia, Kress spent nearly 25 years in finance roles at leading technology companies, including Cisco and Microsoft. What Nvidia's board said Harvey C. Jones, who has been appointed Nvidia's first-ever chair of the board, said Kress has helped lead the company through a period of “extraordinary growth” and has a deep understanding of its business, customers, operations and financial position. The board said it has “full confidence” in Kress and the leadership team and expects Nvidia's operations, customer commitments and product roadmap to continue without interruption. “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,” Kress said. She added that Nvidia would continue advancing its work in accelerated computing and AI while focusing on customers, partners, developers and shareholders. Also Read | Jensen Huang and the Chinese spy honeytrap: How does China allegedly use this strategy to gather sensitive US information? Jensen Huang's Nvidia legacy The board said Huang's contributions to Nvidia were “profound” and described the company as one of the world's most consequential technology companies. “The Board and the company thank Jensen for his immeasurable contributions to the company and the industry,” Nvidia said. Huang founded Nvidia and has led the company for 33 years, overseeing its transformation into a dominant player in accelerated computing and AI. A private affair, a very public exit Huang, 63, co-founded Nvidia in 1993 and has been at the helm of the company for more than three decades. During that time, he transformed Nvidia from a graphics chipmaker into one of the biggest beneficiaries of the global artificial intelligence boom. His departure marks a major change for the company and the semiconductor industry. Huang's exit comes amid a controversy involving Alice Huang, a Chinese businesswoman and former senior executive at Singapore-based data centre company Megaspeed, whom US intelligence agencies suspect of gathering information for Beijing. Huang admitted to having an extramarital relationship with her and apologised to his wife, children and Nvidia employees. The revelations prompted Nvidia's board to launch an independent investigation into reports that Huang had been targeted by a foreign intelligence operation. The company, however, said its board had no reason to believe that US national security or Nvidia's confidential information had been compromised. The affair finally cost Huang to step down from his position from the company. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel ) Read More News on Nvidia Jensen Huang Colette Kress artificial intelligence board of directors CEO resignation accelerated computing financial growth (You can now subscribe to our Economic Times WhatsApp channel ) Read More News on Nvidia Jensen Huang Colette Kress artificial intelligence board of directors CEO resignation accelerated computing financial growth Explore More Stories Sass Jordan cause of death: How did ‘Racine’ singer die after cancelling shows over ‘serious medical condition’? Canadian rock singer Sass Jordan, voice behind ‘Make You a Believer’ and ‘Tell Somebody,’ dies at 63 Helicopter crash on Montreal’s South Shore leaves 4 dead; Transport Minister expresses condolences as probe begins Nova Scotia teacher charged with sexually assaulting student at school as police identify more victims Nova Scotia Crime: Teacher faces multiple serious charges, prohibited from public places after alleged assaults at Riverton school Psychology explains why people who dislike being interrupted may be protecting more than just their train of thought Powerball jackpot climbs to $313 million for September 21 drawing - Here's what Monday night's winner could take home Quote of the Day by Malala Yousafzai: ‘One child, one teacher, one book, one pen can…’ - How one person can spark global change with the simplest tools Quote of the Day by Thomas Mann: ‘Whoever loves the more is at a disadvantage and must suffer’ - Nobel-winning novelist on why the person who care more may have more to lose Quote of the Day by Anton Chekhov: ‘Every happy man should have someone with a little hammer at his door to knock and remind him that there are unhappy people, and…’ Gary Myers death: NASCAR legend dies at 76; sons mourn ‘hero’ who shaped four generations of racing Quote of the day by Rita Wilson: ‘Be fearless in trying new things, whether they are physical, mental…’ – Sleepless in Seattle actress on turning fear into growth Manager keeps booking 4:45 PM Friday meetings despite team logging off at 5, employee calls it a ‘Friday ambush’ and asks if it’s a power move 1 2 3