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Nvidia board meets on Jensen Huang after reports of two affairs
Nvidia's board met Wednesday on whether to remove founder and CEO Jensen Huang after reports of two extramarital affairs, including one with a woman U.S. officials link to Chinese intelligence, CBS News and CNBC reported.
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Nvidia's board met Wednesday to weigh whether to remove founder and chief executive Jensen Huang after reports of two extramarital affairs, including one with a woman U.S. officials have linked to Chinese intelligence1,5,6.
The Wall Street Journal first reported that directors were preparing to oust Huang, who co-founded the chipmaker in 1993 and has led it for 33 years1,2,6. CNBC later confirmed the board met that evening5.
Shares fell more than 8% in after-hours trading Wednesday and were down about 6% in Thursday premarket trading as of early morning Eastern time1,5. Rivals AMD and Broadcom rose in premarket trading5.
On Sunday, Huang told employees he had been unfaithful to his wife and apologized to his family without naming anyone involved1,6. The same day, Nvidia's board said it had opened an independent investigation after reporting that Huang had been the target of a foreign intelligence effort, and said it had no reason to believe company secrets or national security were compromised1,6,7.
U.S. reporting has identified the earlier relationship as involving Alice Huang, an executive at Singapore-based Megaspeed International, who is not related to Jensen Huang1,6,7. U.S. intelligence agencies have believed she was recruited by China's Ministry of State Security, according to that reporting; China has called the spy narrative baseless1,6.
A later report said Huang also had an affair with Kimberly Powell, Nvidia's vice president of health care, who reports to him3,4,5. Unnamed sources described them together at a San Jose hotel during Nvidia's GTC conference in March; ABC News said it could not verify that account or an alleged video3,6. Powell could not be reached, Ars Technica reported, and Nvidia did not immediately comment to several outlets3,4.
Huang wrote that he supports the investigation and will cooperate fully7. An Nvidia spokesperson had earlier told ABC News that Huang's interactions with Alice Huang were not unusual given his job6. Bloomberg, cited by CBS News, reported Alice Huang had returned to China; Chinese Foreign Ministry spokesperson Mao Ning said she did not have information on that report1.
The company retained former U.S. attorney Joon H. Kim and Wachtell, Lipton, Rosen & Katz for the probe3. Ars Technica reported the board has no chair and that Nvidia's filings have not set out a CEO succession plan4. TechCrunch noted Huang has said he has about 60 direct reports2.
President Donald Trump said Monday the FBI was looking into the matter and called Huang a "very high-quality person," adding Huang told him he had no idea the person in question was a spy1. CNBC said U.S. lawmakers have called for Huang's resignation5. Bernstein cut its Nvidia price target from $400 to $200, and analyst Stacy Rasgon said an alleged affair with a direct report makes it "much tougher for the board to leave him in position"5.
What the board decided Wednesday night was not public when these accounts were published. Directors could keep Huang, ask him to step back during the investigation, or seek his departure4,5.
Sources
- CBS NewsNvidia's board preparing to oust CEO Jensen Huang, sources say
- TechCrunchNvidia’s stock drops as board reportedly preps to oust CEO Jensen Huang
- The VergeNvidia is reportedly preparing to fire Jensen Huang
- Ars TechnicaCEO Jensen Huang's job is suddenly on the line at Nvidia
- CNBCNvidia stock falls 6% as investors await Jensen Huang’s fate
ABC NewsEuronewsShowHide
How it’s being reported
20 versions from 18 sources
+12 more
Nvidia's board preparing to oust CEO Jensen Huang, sources say
Board ouster plans, intelligence allegations, Trump administration awareness, and after-hours stock drop.
Two sources say the board is preparing to oust Huang after an alleged affair with a woman U.S. intelligence views as a Chinese asset; shares slid after hours.
Leaves out Named second-affair executive details featured by other outlets.
Nvidia’s stock drops as board reportedly preps to oust CEO Jensen Huang
Stock drop, 33-year tenure, and succession vacuum.
Cites the Journal on a possible Wednesday board meeting and notes Huang's 33-year tenure and lack of an obvious successor.
Leaves out Lawmaker calls and rival-chip premarket moves.
Same copy also at: TechCrunch
Nvidia is reportedly preparing to fire Jensen Huang
Second alleged affair with a direct report and that the company may not wait for its probe.
Says the board is preparing to dismiss Huang after a report of a second alleged affair with vice president of health care Kimberly Powell.
Leaves out China's official denial and Bernstein price-target cut.
Same copy also at: The Verge
CEO Jensen Huang's job is suddenly on the line at Nvidia
Governance gaps, FBI interest, and industry-wide consequences of a Huang exit.
Describes urgent Wednesday talks, no board chair, no written succession plan, and options ranging from stepping back to immediate departure.
Leaves out Premarket AMD and Broadcom gains.
Same copy also at: Ars Technica
Nvidia stock falls 6% as investors await Jensen Huang’s fate
Investor reaction, analyst succession worries, and lawmaker pressure.
Confirms a Wednesday board meeting; stock down in premarket as analysts warn of a deeper drop if Huang is removed.
Leaves out Detailed intelligence-agency claims about Alice Huang.
Same copy also at: CNBC
Nvidia board reportedly preparing to oust CEO Jensen Huang after alleged affairs
Huang's staff apology and Nvidia's earlier comment that meetings with Alice Huang were part of his job.
Recounts the Journal on a possible ouster and says ABC could not verify a second-affair video described by another outlet.
Leaves out Premarket trading and Bernstein target cut.
Nvidia board weighs Jensen Huang’s future as reports emerge of second affair
Timeline of the two alleged relationships and Huang's public role with the U.S. president.
Places the second-affair report after Huang's admission involving Alice Huang of Megaspeed and notes White House proximity.
Leaves out Specific after-hours percentage moves.
Jensen Huang resigns
Gives this outlet’s account of the story.
Jensen Huang Resigns as Nvidia CEO
Gives this outlet’s account of the story.
Nvidia’s cofounder and chief executive resigned on Thursday after the company opened an investigation into his affair with an alleged Chinese intelligence asset.
Ex-NVIDIA CEO Jensen Huang is set to testify before Congress this month
Gives this outlet’s account of the story.
House Foreign Affairs Chair Brian Mast said a hearing with Jensen Huang will take place before Thanksgiving.
Jensen Huang resigns as Nvidia CEO as affairs raise security concerns
Gives this outlet’s account of the story.
Jensen Huang, 63, has resigned as chief executive of AI giant Nvidia, according to the company.
Who is Colette Kress, Nvidia's interim CEO? Longtime exec takes top spot after Jensen Huang resigns
Treats the story as an open question.
Nvidia Stock Plunges After Jensen Huang Resigns as CEO
Gives this outlet’s account of the story.
Who will succeed Jensen Huang as Nvidia's CEO? We asked Wall Street analysts.
Treats the story as an open question.
Analysts say the board will be on the hunt for someone who has the technological know-how to lead the world's leading chip manufacturer.
Nvidia CEO Jensen Huang steps down amid alleged spy scandal
Gives this outlet’s account of the story.
Nvidia’s Jensen Huang to testify to US Congress amid scandal, reports say, as CFO Colette Kress replaces him as interim CEO – follow live
Gives this outlet’s account of the story.
Timeline of the stunning fall of Nvidia CEO Jensen Huang
Gives this outlet’s account of the story.
While the depths of the scandal have yet to be disclosed, here is a timeline indicating who knew what and when about Jensen Huang's affair with an alleged Chinese spy.
Jensen Huang has resigned, what's next for Nvidia?
Treats the story as an open question.
The BBC's Samira Hussain reports from Wall Street on what the fall of the tech superstar means for the company and AI. BBC News
EXCLUSIVE: Former Nvidia CEO Huang had a relationship with a second employee, sources say
Gives this outlet’s account of the story.
NVIDIA Announces CEO Transition
Immediate resignation, interim CEO remaining CFO, first-ever board chair, search for a permanent CEO.
NVIDIA said its board announced Jensen Huang resigned immediately as president, CEO and director, with CFO Colette Kress as interim CEO and Harvey C. Jones as board chair.