Nvidia CEO Jensen Huang Resigns, Stock Tumbles More Than 13% Intraday
Summary
- Nvidia said CEO Jensen Huang stepped down from his executive role and the board, and that CFO Colette Kress was appointed interim CEO.
- Nvidia said the resignation came after the board launched an independent investigation into allegations that Huang had been targeted in an operation by a foreign intelligence agency.
- Nvidia said its stock fell more than 13% intraday after news of Huang's resignation, before paring losses to about 5%.
Forecast Trend Report by Period
Nvidia co-founder Jensen Huang has stepped down as chief executive officer and resigned from the board, while Chief Financial Officer Colette Kress has been appointed interim CEO. Nvidia shares fell more than 13% intraday on the news.
Reuters reported on November 12 that Nvidia announced Huang's resignation and named Kress interim CEO. Huang also resigned from the board, and the company has begun the process of selecting a new chief executive.
The resignation came after Nvidia's board launched an independent investigation into allegations that Huang had been targeted in an operation by a foreign intelligence agency.
The board had said on November 8 that it would investigate the reports. At the time, it said there was no reason to believe national security or company secrets had been compromised, but it would verify the relevant facts.
After news of Huang's resignation broke, Nvidia shares fell more than 13% intraday before paring losses to about 5%.
JH Kim
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