Nvidia appoints CFO Colette Kress as interim chief executive
Nvidia's board named long-time CFO Colette Kress to lead the company on an interim basis after Jensen Huang resigned, while it evaluates internal and external candidates for a permanent CEO.
Nvidia announced that its chief financial officer, Colette Kress, will assume the role of interim chief executive following the resignation of co-founder Jensen Huang. Kress, who joined the company in September 2013 after finance positions at Cisco, Microsoft and Texas Instruments, has been a regular presence on earnings calls and is described by analysts as having a broad operational role within the firm.
"NVIDIA's strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years," Kress said in a statement. "We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders."
Analyst Dan Ives of Yorkville Ives & Co. said Kress is the only internal candidate with significant respect across the organization and suggested she could serve for about a year before an external successor is selected. "You need someone that's been on the global stage," Ives added.
The company's shares fell 14% after the announcement, extending a weekly decline that began earlier this year. Nvidia is scheduled to release its quarterly results on Tuesday.
The leadership change follows reports of personal misconduct by Huang, which led to his departure. Kress was named one of Fortune's most powerful women in business in May.