Nvidia announced on Thursday that Jensen Huang had resigned, with immediate effect, from his positions as chairman, chief executive and member of the board of directors, marking the end of the co-founder’s 33-year tenure at the helm of the technology giant.

Following the announcement, Nvidia shares fell by more than 10% in after-hours trading. The company’s stock had already dropped by almost 14% after its first relationship was acknowledged last weekend, wiping more than $600 billion off its market value.

According to a statement from the board of directors, Colette Kress, currently Nvidia’s executive vice-president and chief financial officer, will take over as interim chief executive.

Ms Kress will continue to serve as chief financial officer until a permanent successor to Mr Huang is appointed. The board is launching a search for a new CEO, considering candidates from both within and outside the company.

As recently as Sunday, Nvidia’s board had expressed its confidence in Mr Huang and the company’s leadership team. However, under Nvidia’s articles of association, the chief executive can be removed “with or without cause” following a decision by a majority of board members.

Mr Huang’s departure leaves a significant leadership vacuum at Nvidia, a company with a market capitalisation of around $4 trillion, which he co-founded and built over more than three decades.

The turmoil at the US technology giant comes just days before it is due to announce its quarterly financial results on 17 November, when investors are expected to receive an update on the company’s performance and outlook.

Who is Colette Kress, the interim head of Nvidia?

Mr Huang’s interim replacement, Colette Kress, joined Nvidia in September 2013, taking up the roles of executive vice-president and chief financial officer, which she continues to hold.

During her tenure, she has led the company’s finance operations and played a significant role in its growth and transformation.

Before joining Nvidia, she spent almost 25 years in financial positions at major technology companies, including Cisco and Microsoft.

Meanwhile, the board appointed Harvey Jones as the company’s first-ever chairman.

Mr Jones has more than 30 years of experience as an entrepreneur, technology company executive and active venture capital investor. Among other roles, he has served as chief executive and executive chairman of Synopsys.

Message from the new chairman of the board

In a statement, Harvey Jones expressed the board’s full confidence in Ms Kress and the rest of the management team.

“Colette has helped guide Nvidia through a period of extraordinary growth and has deep knowledge of our business, our customers, our operations and our financial position,” he said.

“She is supported by an experienced management team that has played a decisive role in executing Nvidia’s strategy and advancing its technology roadmap. The board has complete confidence in Colette and the management team, and we expect the company’s business operations, customer commitments and product roadmap to continue without interruption,” he added.

Colette Kress: We will build on the foundations laid by Huang

For her part, the new interim chief executive stressed that Nvidia would continue on its growth trajectory, building on Jensen Huang’s legacy.

“Nvidia’s strength has always come from its people, and together with our management team, I am committed to continuing to build on the extraordinary foundation Jensen has created over the past 33 years,” she said.

“We will continue to advance the work that has made Nvidia a leader in accelerated computing and artificial intelligence, and pursue the opportunities ahead. Our priority remains serving our customers, partners, developers and shareholders,” she added.

Nvidia’s tribute to Jensen Huang

In its statement, the board acknowledged Mr Huang’s decisive contribution to the company’s development, which has grown into one of the world’s most important technology groups.

“Jensen’s contribution to Nvidia has been immense. Nvidia is one of the most important technology companies in the world. The board and the company thank Jensen for his immeasurable contribution to both the business and the industry,” the statement said.

The announcement did not specify the reasons behind Mr Huang’s resignation.

Nvidia also announced that it would release its financial results for the third quarter of the 2027 financial year on Tuesday, 17 November.