Huang’s resignation from Nvidia triggers immediate leadership transition ahead of November 17 results
Key Facts
Nvidia announced on November 12, 2026, that Jensen Huang had resigned as president, chief executive and a member of the board, effective immediately, and named CFO Colette Kress interim chief executive. The company said its board had begun searching for a permanent CEO, considering candidates from inside and outside the company. The decision marks an immediate leadership transition ahead of the company’s quarterly results, scheduled for November 17. Kress will remain in her finance role while serving as interim chief executive, according to Nvidia’s statement.
Kress has served as Nvidia’s CFO and executive vice president since 2013, according to an Associated Press report. Her interim appointment gives her a central role in managing the company as the board searches for Huang’s permanent successor. Nvidia said the final choice could come from inside or outside the company, without announcing a timetable for the search in its statement. In a parallel move, the board named Harvey C. Jones its first chair. The changes reshape leadership at both the executive and board levels following Huang’s resignation.
The company had said it was investigating whether Huang had been targeted by a foreign intelligence agency and that the review would examine available information. The Associated Press reported that Nvidia said it saw no reason to believe national security or company secrets had been compromised. The agency cited reports about Huang’s relationship with a woman whom U.S. intelligence suspects of being a Chinese spy, while Beijing denied the espionage allegations. Reports also described a separate relationship with an executive who reported directly to Huang, and Reuters later reported another intimate relationship with a second employee, citing unnamed sources. The resignation announcement did not address these reports, according to the Associated Press.
Nvidia shares closed at $166.19 on November 12, according to EL7 data, while the stock ended the session down 4.3%, Reuters reported. AMD and Broadcom shares rose 5.9% and 5.5%, respectively, offsetting some of Nvidia’s losses in the semiconductor sector. Reuters quoted investor Peter Tuz as saying the market had “absorbed the developments reasonably well,” noting that gains by competitors offset some of the company’s losses. He added that Nvidia’s future still raised open questions. The EL7 data provided did not include confirmed closing prices for AMD, TSM or Intel in the same session.
Nvidia’s valuation fell to the equivalent of 12 times expected earnings, its lowest level since 2012, after a sharp drop from its record peak on October 6, Reuters reported. Huang held about 3.61% of the company, making him its fourth-largest shareholder, according to an agency report. In cryptocurrency markets, Bitcoin closed at $71,460 on November 12, according to EL7 data, while background published by Investing.com noted that it fell in overnight trading on November 11 to a three-month low, pressured by a stronger dollar and yields and continued outflows from Bitcoin exchange-traded funds. The report also linked those pressures to changing interest-rate expectations after October inflation data and comments by Federal Reserve officials. This does not establish that Huang’s resignation alone caused Bitcoin’s move.
Nvidia is scheduled to report third-quarter fiscal 2027 results on November 17 at about 1:20 p.m. Pacific time, followed by an earnings call at 2 p.m., according to the company. Nvidia said the schedule remained as planned. The results will be the company’s first near-term financial milestone after the leadership transition, as the board continues its search for a permanent CEO.