Nvidia Loses Its Founder-CEO as Kress Steps In and Shares Slide

By Coinvote

Published November 12, 2026 - 15:21 UTC | 4 mins read

Nvidia Loses Its Founder-CEO as Kress Steps In and Shares Slide

Nvidia co-founder Jensen Huang resigned as CEO and board member on Thursday, and CFO Colette Kress took over on an interim basis. Shares dropped sharply at the open, and the company still has to report quarterly results within days.

Huang exits Nvidia with immediate effect

Jensen Huang resigned on Thursday as president and CEO of Nvidia and left its board, effective immediately, according to Decrypt. He had led the chipmaker he co-founded for 33 years. Nvidia gave no reason for the departure, Decrypt reported, but thanked him for his contributions to the company and the industry.

Cointelegraph and CoinDesk described the same sequence. Huang stepped down from all three roles at once, and the board handed the top job to its chief financial officer. Nvidia shares fell sharply as US trading opened, and CoinDesk said they dropped as much as 14% at one point.

Kress takes both jobs while the board looks for a successor

Colette Kress will serve as interim CEO and keep her role as CFO, according to The Defiant, which based its summary on a company filing. Cointelegraph reported that Kress joined Nvidia as finance chief in September 2013, after earlier finance roles at Cisco and Microsoft. The board will weigh candidates from inside and outside the company for the permanent post.

Harvey Jones, who previously served as CEO and executive chairman at the chip design software firm Synopsys, became the first person to hold the newly created chair role. Decrypt quoted him saying the board has full confidence in Kress and the leadership team. He said the company expects operations, customer commitments and the product roadmap to continue without interruption.

How the scandal reached the boardroom

Decrypt traced the pressure over several days. In a letter to employees, Huang admitted infidelity, and the board then launched an independent investigation. The New York Times reported that he had told the board he was intimate with Alice Huang, an executive at Megaspeed, a Singapore-based Nvidia customer.

The Times had reported in October that US officials concluded Alice Huang was a Chinese intelligence asset. The Financial Times subsequently reported, citing a US government memo, that the pair had a romantic relationship. Beijing has rejected the claims. The Times reported on Wednesday that Huang also had a relationship with Kimberly Powell, a vice president who leads health care at Nvidia and is one of his direct reports. The Wall Street Journal then reported that the board was preparing to remove him.

The numbers behind the reaction

The reported figures cover the market reaction, the leadership gap and the calendar ahead.

Nvidia lost about $430 billion in market value over two days earlier this week, according to Decrypt.
Shares were down 7.7% at $160.28 shortly after the open, with an intraday low of $148.80, per Decrypt citing Yahoo! Finance.
Cointelegraph put the decline at more than 13%, with the stock at $151.00 as of 13:31 UTC.
About 60 executives reported directly to Huang, according to Decrypt.
The Wall Street Journal, as relayed by Decrypt, put Huang's holding at roughly 3.6%, which keeps him Nvidia's top shareholder.

Where the outlets' accounts differ

The outlets agree on the core facts: the resignation, the interim arrangement and the new chair. They differ on the size of the drop because they measured at different moments. Decrypt gave a decline of 7.7% shortly after the open, Cointelegraph reported more than 13% by 13:31 UTC, and CoinDesk cited a fall of as much as 14%. These readings are consistent with a stock that moved sharply during the first minutes of trading.

Only Decrypt supplies the backstory of the affairs reports, the investigation and the shareholder litigation. The Defiant notes that the filing is silent on the board inquiry that was announced on Nov. 8. That leaves open whether the inquiry continues, has concluded or has been folded into the resignation. The outlets also describe the earnings date differently. Decrypt says Tuesday, while Cointelegraph gives Nov. 17 for the fiscal 2027 third-quarter report.

Why the leadership gap matters

Decrypt reported that Huang has voiced skepticism about succession planning, which leaves Nvidia without an obvious heir. The Financial Times, cited by Decrypt, quoted one person inside the company saying Kress would be the simplest interim choice. Other names that paper's sources raised include Ian Buck, who runs the data center business, and Arm CEO Rene Haas, a former Nvidia executive.

Naming a first-ever board chair is also a structural change. Until now, the sources indicate, Huang combined the company's top executive roles with a board seat. An independent chair gives the board a separate voice while it runs a search, which is a standard way for a company to show investors that governance is being tightened. Whether that settles shareholders is not established by any outlet.

Decrypt also reported that a proposed class action by shareholders names Nvidia and Huang, and that lawmakers had threatened to subpoena him. Those proceedings are separate from the leadership search and could continue regardless of who fills the role.

What to watch before and after the earnings report

The first test is the third-quarter report, which Nvidia said will go ahead as scheduled. Readers can check whether management gives guidance, comments on customer commitments or discusses the search timetable on the call. Decrypt reported that the board is looking inside and outside the company, but no timetable has been published.

Several questions remain open. It is unclear whether the board's investigation will produce public findings. It is also unclear how the Megaspeed relationship will be handled given its customer status, and whether lawmakers still pursue a subpoena now that Huang has left. None of the outlets report answers yet.

FAQ

Who is running Nvidia after Jensen Huang's resignation?

CFO Colette Kress is interim CEO and keeps her finance role, according to Cointelegraph and The Defiant. The board is searching for a permanent CEO from inside and outside the company, and Harvey Jones was named its first chair.

Why did Jensen Huang resign as Nvidia CEO?

Nvidia gave no reason, according to Decrypt. His exit followed reports of relationships with an alleged Chinese intelligence asset and a senior company executive, and the board had opened an independent investigation after his letter to staff.

When does Nvidia report its next quarterly results?

Nvidia said it will report third-quarter results as scheduled. Cointelegraph gives the date as Nov. 17 for fiscal 2027, while Decrypt refers to Tuesday.