Nvidia's co-founder and CEO, Jensen Huang, has resigned, triggering a sharp decline in the company's stock. The announcement came as investors grappled with news of alleged misconduct. Huang, 63, stepped down as president, chief executive, and board member, leaving the AI chip giant without its only leader in 33 years. His resignation was confirmed in a company filing with the US Securities and Exchange Commission.
Huang is forfeiting approximately $108 million as part of his resignation. The exact details of his remaining assets remain unclear. The company has appointed Colette Kress, its interim chief, to lead until a new leader is chosen. Nvidia is now searching for its first new leader in three decades, considering insiders, rivals, and even a Trump appointee.
The resignation follows revelations of alleged extramarital affairs and espionage allegations. Huang is accused of having an "intimate relationship" with another Nvidia employee, adding to previous claims involving a former executive and a vice president. These allegations have raised questions about the company's leadership and governance.
Huang's departure has shaken investor confidence, with US stocks closing lower. The drop in Nvidia's stock was significant, falling 4.3% on the day of the announcement. The company's search for a successor has intensified, with multiple potential candidates under consideration. As the tech industry watches, the future of Nvidia remains uncertain.
