Nvidia names CFO Colette Kress interim CEO after Huang exits

By Amara Osei

Nvidia shares fell 10% in premarket trading, according to Business Insider, after the company named Chief Financial Officer Colette Kress interim CEO on Thursday. Huang’s resignation took effect immediately and ended his 33-year tenure, Business Insider reported.

Business Insider described Kress’s appointment as Nvidia’s first CEO transition and said it followed a widening scandal. The board said it was initiating a search for a permanent CEO and would “consider internal and external candidates.”

Why did Jensen Huang step down?

Business Insider reported that Huang stepped down after Nvidia’s board opened an investigation into whether he was the target of a “foreign intelligence effort.” He also admitted in a memo that he had been unfaithful to his wife.

The New York Times reported that Huang had romantic relationships with Alice Huang and Kimberly Powell. Alice Huang was an executive at Nvidia customer Megaspeed, whom U.S. intelligence officials identified as a suspected Chinese spy.

Powell was an Nvidia employee who served as vice president of healthcare, according to Business Insider. In the reporting, the suspected-spy identification applied to Alice Huang, while Nvidia’s board inquiry concerned whether Huang himself had been targeted.

What does Nvidia’s interim leadership mean?

Under the appointment described by Business Insider, Kress now leads Nvidia while the board retains responsibility for selecting a permanent chief. The board said it would consider internal and external candidates, leaving the succession path open beyond the immediate appointment.

The board’s wording makes the interim appointment distinct from the permanent selection. Kress can remain CEO, another internal executive can succeed her, or the board can hire from outside, according to the company’s announcement.

Huang maintained a flat leadership structure with as many as 60 direct reports, Business Insider reported. He said he wanted to keep working for as long as possible, which complicated succession planning.

Business Insider’s earlier reporting showed Kress reporting directly to Huang, placing her within the leadership structure Huang built and the leadership team she later referenced in her statement. Her position gave her direct exposure to the broad organization now seeking a permanent chief.

Insiders and analysts had previously pointed to Kress as a likely successor to Huang. They cited her visibility among shareholders, according to Business Insider, and her role as the company’s finance chief.

Who is Colette Kress?

Kress joined Nvidia in September 2013 and has worked there for 13 years. She helped lead the company’s finances through the AI boom, Business Insider reported.

Before joining Nvidia, Kress held finance positions at Cisco and Microsoft. She also served at Texas Instruments in a variety of finance positions, according to Business Insider.

In a Thursday statement, Kress said: “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.”

Kress’s statement emphasized organizational continuity rather than naming a permanent successor or timetable. It tied Nvidia’s next leadership phase to its people, its leadership team and the foundation Huang built over 33 years.

For Nvidia, the succession now carries two linked tests. Kress must run the company while the board conducts its search, and the permanent CEO must take charge of a structure built around as many as 60 direct reports.

Nvidia’s next decision is whether Kress earns a permanent mandate or the board recruits from outside. Kress helped lead the finance function through the AI boom for 13 years, and the board’s search leaves both routes open.