Who is Nvidia's interim CEO, Colette Kress?
Nvidia shares fell by 7.3% following the announcement of the resignation of CEO Jensen Huang
Quick Look
- NVIDIA's Board of Directors has appointed Colette Chris as interim CEO, succeeding Jensen Huang, who resigned from his position.
- The news led to the company's shares falling by 7.3% and losing about $300 billion in market value amid concerns about the future of the artificial intelligence sector.
AI-generated summary
Why It Matters
Jensen Huang has been CEO of NVIDIA, and Colette Kress has been CFO since 2013.
NVIDIA's board of directors appointed Colette Kress to the position of interim CEO on Thursday, following the announcement of Jensen Huang's resignation from the positions of president, CEO and board member of the company.
Chris has been CFO and Executive Vice President at NVIDIA since 2013. Before that, she worked at Cisco, where she served as CFO and Senior Vice President.
Chris played a very influential role within NVIDIA, as she often spoke alongside Huang at conferences and led the communication process with investors.
Chris has previously said that her focus is not primarily on the company's share price, but rather on how to advance innovation at Nvidia.
Although she does not have as strong a technical background as Huang and other company executives, she is widely considered a leading candidate to take over the CEO role permanently.
Chris sent an email to employees on Thursday morning, in which she wrote: “Dear NVIDIA employees... I firmly believe in this company and its future. Above all else, I believe in each and every one of you, in our customers and partners, and in the vital role we play every day in the global economy.”
She added: “The Board of Directors (and the Executive Team) and I personally realize that this period has been very difficult, and I would like to express to you how grateful we are for your steadfastness, professionalism, and continued dedication. Thank you.”
She added: “This company has achieved great accomplishments thanks to the work you all do every day. You are the most important source of our strength. You will hear more information from leadership in the coming days about our future together, and we will hold a company meeting on November 18... We play a vital role in building the technology that drives the AI revolution, and we have important work ahead of us. So let us move forward together, with the same determination and commitment that has always distinguished this company.”
Nvidia shares fell on Thursday after Jensen Huang resigned, as traders tried to understand how artificial intelligence trading would develop without the company's experienced CEO at the helm.
Nvidia shares fell by as much as 14% shortly after the opening bell rang, erasing nearly $600 billion from the company's market value, before paring losses to decline by 7.3%, a loss of about $300 billion.
What to Watch
AI outlook — possibilities, not facts
A company meeting was held on November 18 to discuss the future
Very likely · Within days
Open Questions
- What are the reasons for Jensen Huang's sudden resignation?
- Will Colette Chris be appointed permanently?
