Nvidia Drops 11% in Premarket Trading After CEO Jensen Huang Resigns
JOON HYOUNG LEE
Summary
- Nvidia shares were falling on news of CEO Jensen Huang's resignation.
- On November 12, Nvidia was trading at about $153.76 in premarket trading, down about 11.5% from the previous session.
- Nvidia's board named CFO Colette Kress as interim CEO after Huang stepped down, though some analysts said her lack of an engineering background could make a long-term appointment difficult.
Forecast Trend Report by Period
Nvidia shares fell after news that Chief Executive Officer Jensen Huang had resigned.
As of 11:12 p.m. Korea time on November 12, the stock was trading at about $153.76 in premarket trading, down about 11.5% from the previous close.
The decline followed Huang's resignation. Nvidia's board said on November 12 that Huang had stepped down as CEO and that Chief Financial Officer Colette Kress had been appointed interim CEO.
Kress has worked at Nvidia for 13 years following stints at Cisco and Microsoft. Still, some analysts said it could be difficult for her to keep the job permanently because she is a finance executive without an engineering background.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul