Nvidia Chief Executive Officer Jensen Huang stepped down on Thursday, bringing a notable chapter in the technology industry to a close and prompting wide discussion across the artificial intelligence sector he helped finance and build. The company named Chief Financial Officer Colette Kress as interim Chief Executive Officer, and she will continue in her finance role while the board looks for a permanent successor. Nvidia’s board said it would consider both internal and external candidates, and it appointed Harvey C. Jones as its first-ever Chair of the Board. The announcement followed several days of attention on the company after reports about Huang’s personal life, including one involving a second employee, were published by Reuters. Nvidia has been one of the main drivers of the artificial intelligence boom that has lifted technology stocks around the world, and its shares were down 4 percent on Thursday as investors took stock of the leadership change.
The decision may also influence the wider conversation around chip export policy in the United States. Huang had long advocated for Nvidia to keep its access to the Chinese market, and his close ties with United States President Donald Trump gave him a prominent voice in discussions with Washington. The Speaker of the United States House of Representatives said there is a growing consensus in Congress to place limits on chip exports to China, which suggests the topic will remain high on the agenda in the coming weeks. CNBC reported that Huang has agreed to testify before Congress before the Thanksgiving holiday, giving lawmakers an opportunity to hear directly from him on the matters under discussion.
Political attention has been part of the story from the start. The New York Times reported that Trump had encouraged Huang to stay on in a phone call on Tuesday, two days before the announcement, which reflects the high regard in which Huang is held by many in Washington and in the technology world. After weighing the situation, Huang decided to step aside, and the company moved quickly to name an interim leader so that customers, partners and shareholders would have clarity on who is guiding the business. Nvidia has said it expects daily operations to continue as planned during the transition.
Kress brings extensive experience to the interim role. She has served as Chief Financial Officer since 2013 and has been the primary contact between Nvidia and Wall Street, giving her a detailed understanding of the company’s customers, operations and financial position. Her years working alongside Huang as Nvidia grew from a graphics chip maker into a central player in artificial intelligence mean she is well placed to maintain continuity while the search for a permanent chief executive moves forward. How soon the board announces its choice, and what emerges from Huang’s appearance before Congress, will be closely followed by investors, policymakers and technology leaders in the weeks ahead.
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