Nvidia announced on Thursday 12 November 2026 that Jensen Huang, who co-founded the company in 1993 and ran it for 33 years, had resigned as chief executive, effective immediately. Chief financial officer Colette Kress is interim CEO while the board looks at internal and external candidates.
The resignation followed two weeks of reporting about Huang's personal relationships, which Nvidia's board and federal authorities are investigating. This post sets out what has been reported and confirmed, and what it means for the company and for the wider AI build-out. Allegations below are attributed to the outlets that reported them and are not proven.
The short version
- What happened: Huang resigned as CEO on 12 November. Nvidia's announcement did not address the reasons.
- Who runs Nvidia: Colette Kress, CFO since 2013, is interim CEO. The board also named its first-ever chairman, Harvey C. Jones.
- Why: reports of extramarital relationships, including, according to The New York Times, one with a businesswoman whom US intelligence agencies suspect of passing information to Beijing. China calls the allegation an unsubstantiated smear.
- Nvidia's position: it said it had "no reason to believe" national security or company secrets were compromised.
- Shares: down more than 4% on Thursday and about 2% more on Friday. HSBC cut its rating to hold and its price target to $170 from $365.
- Money: Bloomberg reports Huang forfeits about $108 million of unvested equity.
What is the timeline?
| Date | What happened |
|---|---|
| 29 October | The New York Times reports US intelligence concluded a relationship of Huang's had led to information being passed to Beijing |
| 8 November | The Times reports an affair with a businesswoman US intelligence suspects is a Chinese spy. Beijing denies it |
| Sunday 9 November | Nvidia opens an internal review. Huang emails staff apologising for being unfaithful to his wife and says he will cooperate |
| 11 November | Reports, including the Times citing employees, of a separate relationship with an executive who reported directly to him |
| Thursday 12 November | Huang resigns as CEO, effective immediately. Kress named interim CEO; Harvey C. Jones named chairman |
Reuters later reported, citing unnamed sources, a relationship with a second employee. Nvidia's announcement addressed neither relationship.
Who is Colette Kress?
Kress has been Nvidia's CFO and an executive vice president since 2013, which means she has run the company's finances through its entire rise from a gaming-chip maker to the most important supplier of the AI boom. Before Nvidia she worked at Cisco, Microsoft and Texas Instruments. She is well known to investors from a decade of earnings calls, which is exactly why boards pick a CFO as an interim leader: continuity with the people who own the stock.
Who could replace Jensen Huang?
Nvidia says it is considering internal and external candidates. Outside the boardroom, the speculation has been loud and mostly unserious. President Trump suggested former Apple CEO Tim Cook, and Elon Musk responded to a social media post about hiring Huang. Neither is a board process.
Is Nvidia under investigation?
Several investigations are running, and their scope is not public:
- Nvidia's board is reviewing whether Huang was the target of a foreign intelligence effort. It has not released new findings.
- The FBI, according to President Trump, is looking into the matter. The status of that inquiry is unclear.
- Lawmakers from both parties have called for further investigations.
- Shareholders have filed a class action alleging investors were misled.
Separately, a Singapore-based company that promotes a partnership with Nvidia was accused last year of illegally shipping Nvidia chips to China. It denies this.
What does it mean for Nvidia's stock and the AI trade?
Nvidia's shares were already under pressure. On 5 November, two days after the midterms, Nvidia fell about 9% as AI stocks had their worst day since April 2025. The leadership change adds a different kind of risk on top of the policy and valuation worries.
"Nvidia's stability under new leadership will be a test for the wider AI infrastructure boom," Forrester's Stephanie Balaouras told PBS. That is the right frame. Nvidia's products, customers and supply contracts do not change because the CEO does. What changes is who holds the relationships with the hyperscalers, with TSMC, and with the US government on export controls, at a moment when every one of those relationships is under strain.
This post describes events and is not investment advice.
The lesson for every board: key-person risk
Huang was more than a CEO. He was the co-founder, the public face and, for 33 years, the person most identified with the company's strategy. When one person carries that many roles, the company's continuity plan is that person. Nvidia's board had no independent chair until this week.
Three things boards of much smaller companies can take from this:
- Split the roles before you have to. An independent chair or lead director exists to act when the CEO cannot, or should not. Nvidia created one in the same announcement as the resignation.
- Write the interim plan down. Who steps in tomorrow, with what authority, for how long? Nvidia could name an interim CEO the same day because Kress was the obvious choice. Most companies do not have one.
- Conduct rules apply at the top. Relationships between a CEO and a direct report are a governance issue, not a private one, because they compromise the reporting line. Policies that exempt the founder in practice are not policies.
If your business still runs through one person, our guide to when to bring in a fractional or full-time COO is a practical place to start.
Frequently asked questions
Why did Jensen Huang resign from Nvidia?
Nvidia did not give a reason. The resignation followed reports of extramarital relationships, including one that US intelligence reportedly linked to a suspected Chinese agent, and investigations by Nvidia's board and federal authorities. China denies the spying allegation.
Who is the new CEO of Nvidia?
Colette Kress, Nvidia's CFO since 2013, is interim CEO while the board searches for a permanent replacement.
What happened to Nvidia stock after Jensen Huang resigned?
It fell more than 4% on 12 November and about 2% more on 13 November. HSBC downgraded the stock to hold.
Does Jensen Huang still own Nvidia shares?
Bloomberg reports he forfeits about $108 million in unvested equity. Estimates of his fortune, most of it in Nvidia stock, range from $138 billion (Bloomberg) to $155 billion (Forbes).
Sources
PBS NewsHour; NPR; Bloomberg on forfeited equity; Al Jazeera; Forbes; CNBC markets, 13 November for share moves and the HSBC downgrade. As of 15 November 2026.
