Nvidia CFO Colette Kress has been named interim CEO following the immediate resignation of Jensen Huang, who stepped down after reports of two relationships, one involving a woman U.S. officials suspect of spying for China.
The leadership change at the world’s most valuable chipmaker triggered a 14% plunge in Nvidia shares on Thursday, reported by CNBC. The stock is poised for its sixth straight weekly drop, the longest slump since 2012.
Huang, who co-founded the company in 1993, was known for running the company with no clear second-in-command. He personally decided project priorities and emailed engineers regarding specific details. Despite this, analysts suggest Kress was effectively operating as a chief operating officer. "She’s a Swiss Army knife for Nvidia," Dan Ives, an analyst at Yorkville Ives & Co., told CNBC. "Anything strategically: customers, partners, technology. She was involved."
Kress joined Nvidia in September 2013, moving from finance roles at Cisco, Microsoft, and Texas Instruments. She has since served as a familiar face to Wall Street investors through Nvidia’s quarterly earnings calls.
The Search for Permanent Leadership
Nvidia’s board has initiated a search for a permanent successor, considering both internal and external candidates. Harvey C. Jones, the former CEO of chip-design software maker Synopsys who was appointed as the company’s first-ever chair, said that the board has "full confidence" in Kress and the leadership team to maintain operations, according to CNBC.
In the announcement, Nvidia Board of Directors Chair Harvey Jones stated, “Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,”
Market analysts are already speculating on potential internal candidates. Ian Buck, who joined the company in 2004 and played an important role in developing the CUDA software platform, is among the leading internal names discussed, according to reports. Some analysts suggest the permanent replacement will come from outside the company.
"You need someone that’s been on the global stage," Dan Ives, an analyst at Yorkville Ives & Co., said. "Considering how vital the company is to the global economy and the U.S. tech sector."
Financial Stakes and Upcoming Earnings
The transition comes at a critical juncture for the firm’s valuation. When Kress joined in 2013, the company generated $4.13 billion in annual revenue; by fiscal 2026, that figure had climbed to $216 billion. During her tenure, the split-adjusted stock rose approximately 438 times since September 16, 2013.
Investors are now looking toward the upcoming earnings report, scheduled for November 17, as a key test of investor confidence in the post-Huang era. The company had forecast third-quarter revenue of $108 billion, plus or minus 2%. In its second-quarter fiscal 2027, Nvidia reported revenue of $96.2 billion, which included $89 billion from its data-centre business.
Questions About Leadership During the Transition
Who is leading the board during this transition?
Harvey C. Jones, a board member since 1993 and former CEO of Synopsys, has been appointed as the company’s first-ever chair to guide the search for a new CEO.
Will Colette Kress remain the CFO while acting as interim CEO?
Yes, Kress will keep her job as CFO while she runs the company.
What is the status of the search for a permanent CEO?
The board is searching inside and outside Nvidia for a permanent CEO, though no timeline for a permanent appointment has been finalized.
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