Nvidia Seeks CEO Successor, Weighs Interim Chief as Board Prepares to Oust Jensen Huang

Nvidia is working with an outside firm to identify candidates to succeed Chief Executive Officer Jensen Huang as the company prepares to remove him, according to a report. The prospect of a management shake-up sent Nvidia shares sharply lower in after-hours trading and dragged down AI chip and hardware stocks.

Walter Bloomberg reported on Nov. 11 that Nvidia is searching for its next CEO with the help of an external firm. The company is also considering appointing an interim CEO before selecting a permanent successor. The Trump administration is also aware that Nvidia’s board is preparing to dismiss Huang soon, the report said.

The board is set to meet as early as Nov. 11 to discuss Huang’s future, according to the report. No final decision on his removal or any successor candidate has been disclosed. Nvidia did not immediately respond to a request for comment on the report that it was preparing to fire him.

The uncertainty was reflected in after-hours trading. Nvidia, which rose 2.9% in the regular session, tumbled about 9% after the report. CoreWeave, which had surged about 25% during regular trading, fell 6% after hours, while Micron dropped 1.9%, Intel slid 2.7% and Dell lost 3%.

By contrast, rivals and companies tied to alternative AI chips advanced. AMD gained 3.8% in after-hours trading, while Broadcom, which is linked to Google’s in-house AI chip, the Tensor Processing Unit, rose 3.4%. Google parent Alphabet added 1%.

Additional allegations have also surfaced against Huang. Five former Nvidia employees alleged that Huang had an extramarital relationship with Kimberly Powell, the vice president of healthcare who reported directly to him. The separate allegation emerged three days after Huang admitted to an extramarital affair and apologized on Nov. 8.

Nvidia’s board said on Nov. 8 that it had begun an independent investigation and had found no evidence at that point that national security or company secrets had been compromised. It also said it trusted Huang. As additional allegations and reports of plans to remove Huang continue to surface, Nvidia is scheduled to report third-quarter earnings after the close of U.S. trading on Nov. 17. That would be the morning of Nov. 18 in South Korea.