NVIDIA replaces CEO amid China AI and robotics concerns

NVIDIA says it will continue to support customers amid its leadership changes. ’s stock drop by about 18.5%, CEO Jensen Huang has stepped down.

The company today said it has appointed Collette Kress, executive vice president and chief financial officer, as interim CEO and investor Harvey C. Jones as its first board chair. Huang, who is one of the most recognizable figures in AI, recently admitted to extramarital affairs including with Alice Huang (no relation), an executive at Megaspeed who is suspected of being a Chinese spy, and Kimberly Powell, vice president of healthcare at NVIDIA. “To my colleagues at NVIDIA, including those I have worked alongside for decades, and to our board, partners, and shareholders around the world: you deserve better from me,” Jensen Huang wrote in a statement on Nov. 8. “Regarding the national security concerns raised in news reports, NVIDIA’s board of directors has initiated an independent investigation. I support the investigation and will cooperate fully.” Huang co-founded NVIDIA in 1993, and it makes graphics processing units (GPUs) and software architectures that are the basis for much of advanced computing and AI today. The Santa Clara, Calif.-based company has a market capitalization of about $4 trillion, and its simulation and other technologies are used in industrial manipulators, autonomous mobile robots (AMRs), and emerging humanoid robots. Kress and Jones to provide business continuity Kress has served as EVP and CFO of NVIDIA since joining the company in September 2013. The company said that she has played a key role in NVIDIA’s growth and evolution. Prior to joining NVIDIA, Kress spent nearly 25 years in finance roles at leading technology companies including Cisco and Microsoft. “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,” stated Kress. “We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders.” Jones has been an entrepreneur, technology executive, and venture investor for more than 30 years. He has served as CEO and executive chairman of Synopsys.