Colette Kress has officially assumed her dual role as interim CEO and CFO following Jensen Huang's immediate resignation, marking the end of his 33-year leadership era at Nvidia. Nvidia's board has appointed Harvey C. Jones as the company's first-ever board chairman, with Jones bringing three decades of experience with Nvidia after joining the board in 1993 when the company was founded. The board will consider both internal and external candidates for a permanent CEO, with potential names including senior technical executive Ian Buck and external candidates such as Arm CEO Rene Haas, though no shortlist or appointment timeline has been confirmed. Kress scheduled a company-wide meeting for November 18 at 9 am Pacific Time, with leadership promising to provide further updates in the coming days.
Nvidia has described Jensen Huang's contribution to the company as "profound" and called it one of the world's most consequential technology businesses, stopping short of explaining why its co-founder has resigned as president and CEO with immediate effect. The board thanked Huang for his "immeasurable contributions" to Nvidia and the wider technology industry, but its announcement offered no direct reference to the controversy surrounding his reported relationships and allegations of Chinese intelligence links. The carefully worded statement marks a strikingly restrained response to the departure of an executive who led Nvidia for 33 years. The silence on the circumstances of Huang's departure is particularly notable given the scrutiny surrounding the former CEO, with reports linking the controversy to Alice Huang, a Megaspeed executive whom US intelligence officials reportedly suspected of having connections with the Chinese government.
Nvidia shares fell 8.2% on Thursday, reaching a more than 16-month low following the leadership announcement. The company has lost more than $550 billion in market value since its board launched the investigation into Huang. The turmoil has also affected AI-linked businesses, including data-centre operator CoreWeave, while rivals AMD and Broadcom gained as investors assessed potential competitive openings. The transition raises questions about Nvidia's role as a financier of the AI boom, with its investments and financial commitments extending across data-centre operators and AI developers. Nvidia's next major test arrives on November 17, when it reports its third-quarter fiscal 2027 results, with investors expected to scrutinize revenue outlook, leadership succession, and the company's ability to maintain its AI growth strategy without Huang.
US President Donald Trump has suggested former Apple CEO Tim Cook as Nvidia's new CEO following Jensen Huang's abrupt resignation. According to Truth Social, Trump posted: "NOW THAT Nvidia CEO JENSEN HUANG, who has done a fantastic job, has resigned, there is only one man to take his place - TIM COOK of Apple. A Legend replaces a Legend! President DONALD J. TRUMP." Trump also recalled his association with Cook, describing him as "an incredible guy" and saying their professional relationship began during his first term as president, when Cook approached him for help with an issue. Cook led Apple for 15 years after succeeding Steve Jobs in 2011, with Apple's market value rising by more than $3.6 trillion during his tenure. Cook handed over to hardware engineering chief John Ternus on September 1, 2026, becoming executive chairman of Apple's board, so he still holds a formal role at the iPhone maker. Nvidia's board has not responded publicly to Trump's suggestion, with the company currently searching for a permanent CEO while CFO Colette Kress serves as interim leader.
Colette Kress will hold both the interim CEO and CFO positions until the board appoints a permanent chief executive. Kress joined Nvidia in September 2013 as executive vice-president and chief financial officer and has held the post since. Her financial leadership coincided with Nvidia's transformation from a graphics processor manufacturer into the central supplier of chips powering the global AI boom. Her experience gives the company an insider familiar with its finances, customers and expansion strategy. Forbes ranked Kress at No. 32 on its 2026 list of America's Richest Self-Made Women, estimating her net worth at $1.2 billion as of June 3, 2026, though her fortune has declined following the recent sell-off. Kress owns approximately 4.44 million shares in Nvidia, valued at around $750 million at Wednesday's closing price.
