Nvidia: Jensen Huang Resigns as CEO, Stock Drops 13%

Nvidia's board of directors announced that CEO Jensen Huang has resigned as President, Chief Executive Officer and a member of the Board, effective immediately, in an official statement published Thursday, November 12, 2026 on the company's official newsroom, relayed by France 24. The company said Chief Financial Officer Colette Kress will serve as Interim Chief Executive Officer while keeping her CFO role until a permanent successor is named, with the board now searching for internal and external candidates.

The board's statement did not directly explain the reason for the resignation, saying only that Huang's contributions to the company were "profound" and describing Nvidia as one of the most consequential technology companies in the world. The board also named Harvey Jones, former CEO and Executive Chairman of Synopsys and a technology investor for more than 30 years, as the company's first-ever Chair of the Board.

Why the resignation now?

The resignation comes days after reports that Huang had a relationship with a woman U.S. intelligence agencies suspect of spying for China, as well as a New York Times report, relayed by CBS News, saying five Nvidia employees alleged Huang was romantically involved with a subordinate, Kimberly Powell, the company's vice president of healthcare. The report said Huang and Powell, both married to other people, were caught on video being affectionate at a conference in March, according to two Nvidia employees — a video the New York Times has not seen and CBS News has not verified. CBS News also reported, citing two sources, that Nvidia's board had been preparing Wednesday night to oust Huang, a plan first reported by the Wall Street Journal.

Who is Colette Kress, Nvidia's interim leader?

Colette Kress has served as Nvidia's Chief Financial Officer since joining the company in September 2013, after spending nearly 25 years in finance roles at Cisco and Microsoft, according to the company's statement. Nvidia was co-founded by Jensen Huang in 1993 and became one of the most valuable companies in the world through chips that power most of the leading AI companies, making its technology sensitive and subject to export restrictions to China, according to CBS News.

Stock drop and potential losses worth billions

Nvidia shares fell 13% on Wall Street after the resignation was announced, according to France 24, while CBS News warned the turmoil at the company could wipe out more than $700 billion in value. The potential losses come at a sensitive time for the company, which is due to report its third-quarter fiscal 2027 results on Tuesday, November 17, followed by an earnings call with analysts.