Nvidia, which was the largest company in the world in terms of market cap until just days ago, is facing its biggest leadership crisis in years after reports of a second affair involving CEO Jensen Huang rattled the firm from the inside out.
The latest development on the matter came out just minutes ago as fresh reports claimed that Huang has resigned in the wake of claims that he had multiple extramarital relationships, including with a woman who reports to him.
The statement sent to media outlets says that Colette Kress, Nvidia’s current Executive Vice President and Chief Financial Officer, has agreed to serve as Interim Chief Executive Officer.
According to other reports, the company’s board met yesterday evening to address Huang’s future at the company, and the White House was aware of the meeting.
Huang co-founded the Silicon Valley chipmaker in the early 1990s. He has been with the company ever since, and he presided over the firm during its spectacular rise amid the AI boom of the past several years.
Nvidia’s stock has been under severe pressure lately, dropping from its all-time high of $239 in early October to $173 at yesterday’s close. However, NVDA tanked further in pre-market trading after news of Huang’s departure went viral, down over 10%.
Ahead of the revelations from earlier this week about a suspected second affair with an Nvidia employee, Huang admitted to infidelity to his wife. That relationship was with a woman called Alice Huang, who was considered to be a Chinese spy.
Nvidia and its former CEO were sued on Monday by a shareholder who said they misled investors about the executive’s affair.
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