Nvidia Board Meets to Decide Jensen Huang’s Fate
In a stunning corporate drama shaking the tech world, Nvidia’s board of directors met late Wednesday to decide whether to remove co-founder and CEO Jensen Huang—a move that would end his 33-year leadership of the AI chipmaker, which has become a driving force behind the global artificial intelligence boom.
The crisis stems from reports of two extramarital affairs, including one involving a woman whom U.S. intelligence officials identified as a suspected Chinese spy. The Wall Street Journal first reported that the board was preparing to remove Huang, a development subsequently confirmed by Reuters. CNBC also confirmed that the board convened specifically to weigh Huang’s future.
Nvidia shares plunged more than 8% in after-hours trading as the news broke, just days before the company’s scheduled quarterly earnings report on November 17. The company has launched an independent investigation into whether corporate secrets or national security information were compromised, though it previously stated it had “no reason to believe” either had been.
Replacing Huang presents an enormous practical challenge. Nvidia has no chief operating officer, no board chair, and no public succession plan, while more than 60 managers report directly to him. CFO Colette Kress and executives Ian Buck and Jay Puri have been named as potential interim or permanent candidates. Meanwhile, Elon Musk publicly signaled that he would be open to hiring Huang if he is ousted.
No decision had been announced by Thursday morning. Under Nvidia’s bylaws, the CEO can be removed by a majority vote of the board’s 11 directors.
Source: Forbes – Nvidia Shares Plunge as Board Reportedly Prepares to Oust CEO Jensen Huang