Nvidia CEO Jensen Huang resigned effective immediately after allegations of two extramarital affairs, according to a company statement. The board of directors confirmed his departure, with finance chief Colette Kress appointed as interim CEO.
The resignation followed reports of Huang's alleged affair with a Chinese spy and a separate affair with a subordinate, Kimberly Powell. Nvidia's board had prepared to oust him, according to The Wall Street Journal, though the company did not explicitly confirm this.
Nvidia's stock fell 8% in after-hours trading following the allegations, with its market value dropping $1.629 trillion in a month. The company is conducting an independent investigation into the espionage claims and has hired Wachtell, Lipton, Rosen & Katz to review the matter.