Colette Kress Takes Charge at Nvidia After Jensen Huang Exits

By Grace Kim

On Thursday morning, the Nvidia Board of Directors announced that co-founder Jensen Huang had resigned as president, CEO and a director, effective immediately. CFO Colette Kress became interim CEO while Nvidia conducts a more thorough search for a permanent successor.

Huang had led Nvidia for 33 years. The account described the chip designer as one of the world’s most valuable companies, worth about $3.8 trillion. Its chips, the account said, had made the AI boom possible.

The transition puts a career finance executive in charge of a founder-led chip company after 33 years. The account said Huang had never established a succession plan.

What changed at Nvidia?

The change came with little warning. The account said few people would have predicted it even a week earlier. Huang’s departure left Nvidia without a permanent successor.

The same account characterized Huang’s departure as an ouster following reports that he had affairs with both an alleged Chinese spy and one of his direct reports at Nvidia.

Kress was already Nvidia’s CFO and executive vice president when she took the interim CEO role.

Nvidia has an interim CEO, but its permanent leadership remains unresolved.

Who is Colette Kress?

Nvidia’s website says Kress has worked at the company since September 2013. The California-based executive is 59.

She previously spent 13 years at Microsoft, including four as CFO of the Server and Tools division. Before Nvidia, she spent three years as an SVP and CFO of Cisco’s Business Technology Operations Finance organization.

Kress holds a finance degree from the University of Arizona and an MBA from Southern Methodist University. Her pre-Nvidia finance career spans 16 years across Microsoft and Cisco.

Forbes’ profile says Kress initially joined Nvidia in part because her two sons endorsed the company for its role in the video game industry. Nvidia was best known for video games at the time.

Kress now leads Nvidia on an interim basis as the company describes itself as a leader in accelerated computing and AI.

Her public profile remains narrow. Kress has a limited social media presence. On LinkedIn, she has commented well wishes on former colleagues’ posts about their retirement.

She has also been a regular presence on Nvidia earnings calls, making her familiar to analysts covering the company.

Forbes’ list of America’s Richest Self-Made Women estimates Kress’s net worth at about $1.2 billion.

Kress brings 16 years of pre-Nvidia finance experience and a $1.2 billion estimated fortune, but her interim leadership will face its first public test on Tuesday.

What happens on Tuesday?

Kress said in a statement: “NVIDIA’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years.”

“We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders.”

Kress tied her commitment to Nvidia’s people and leadership team, then to the foundation Huang built over 33 years. She also promised to advance the company’s work in accelerated computing and AI while serving customers, partners, developers and shareholders.

Nvidia is slated to report quarterly earnings Tuesday, when Kress is likely to provide more detail about her plans for the company’s immediate future.

For now, Nvidia, worth about $3.8 trillion, has an interim chief executive whose net worth Forbes estimates at $1.2 billion, and its permanent CEO search remains open into Tuesday’s earnings report.