Nvidia names Colette Kress interim CEO after Jensen Huang steps down

Jensen Huang resigned as chief executive of Nvidia on Thursday. The company named Colette Kress, its current executive vice president and chief financial officer, as interim chief executive.

The board also appointed Harvey C. Jones as its first chairman. Jones is an entrepreneur and venture investor. Huang stepped down after media reports detailed his extramarital relationships. One relationship involved Alice Huang, a former executive at Megaspeed International. The New York Times reported that U.S. intelligence agencies identified Alice Huang as a suspected Chinese government agent. The Associated Press could not independently confirm all details regarding a second affair with an Nvidia employee.

Shares of Nvidia dropped 10 percent in premarket trading on Thursday. The stock movement occurred after the board gathered to discuss Huang's future. The company stated it had no reason to believe national security or its secrets were compromised. However, Nvidia said its inquiry would examine all available information regarding the incident.

Megaspeed International issued its first statement since the scandal emerged. The Singapore-headquartered firm said it takes its obligation to comply with U.S. export control laws seriously. Tan Yong Pong, the company's chairman and CEO, signed the statement. He noted that Megaspeed is committed to working transparently with the U.S. government. The company hired a U.S. law firm to conduct a comprehensive census of its computer chips to verify export controls.

The relationship between Nvidia and Megaspeed has drawn scrutiny for a second reason. Last year, claims surfaced that Megaspeed was shipping advanced Nvidia chips to China in violation of rules. Megaspeed said in December there was no evidence of such exports. Singapore has also investigated the allegations. U.S. President Donald Trump announced on Sunday that the FBI was investigating the matter.

Huang has lobbied Washington to loosen limits on chip sales to China. In January, he won approval from President Trump to sell H200 chips to the country. China has denied that it attempted to ensnare Huang. Alice Huang and Jensen Huang are not related. The New York Times identified Alice Huang, who also goes by Huang Le, as the former top executive at Megaspeed.

Financial records from Singapore show Megaspeed's total assets grew roughly 90-fold from late 2023 to 2024. The company's assets reached almost 3 billion U.S. dollars. Revenue surged to over 294 million U.S. dollars in 2024 from none in 2023.