Nvidia announced Thursday that Jensen Huang has resigned as president, chief executive and a member of the board, effective immediately. Colette Kress, who has served as the company's executive vice president and chief financial officer, has agreed to serve as interim chief executive while continuing in her finance role, and will hold both posts until the board names a permanent successor.
The company also named Harvey C. Jones as its first-ever board chair, a new position created as part of the leadership change. Huang had led Nvidia since he co-founded the company in 1993, steering it from a graphics chip maker into the dominant supplier of processors used to train artificial intelligence systems, a shift that made Nvidia one of the most valuable companies in the world over the past several years.
The announcement came via an 8-K filing with the Securities and Exchange Commission and a same-day press release, giving no detailed explanation for the timing or reason behind Huang's departure. The board said it is beginning a formal search process for a permanent chief executive, without specifying a timeline.
Nvidia shares fell in the trading session that followed the news, part of a broader pullback across technology stocks, as investors weighed what the leadership change means for the company's product roadmap and its position at the center of the artificial intelligence buildout. Kress has been with Nvidia since 2013 and is well known to investors from her role managing the company's finances through its recent run of rapid growth.
Watch for Nvidia's next scheduled earnings call and any public comments from Kress or Chair Harvey Jones about the direction of the CEO search and whether Huang will have any ongoing role with the company.
Why did Jensen Huang leave Nvidia?
The company's announcement did not give a specific reason for the timing of his resignation, which the board described simply as effective immediately.
Who is running Nvidia now?
Colette Kress, the company's chief financial officer, is serving as interim chief executive while the board searches for a permanent successor.