Nvidia has named Colette Kress, a 13-year veteran executive, as its interim CEO following the sudden resignation of Jensen Huang. Huang stepped down amid reports of extramarital affairs, including allegations involving a Chinese spy. Kress, who previously served as executive vice president and chief financial officer, is known for her role in structuring key financing deals that have fueled Nvidia’s growth into a $4 trillion AI powerhouse.
Kress has been instrumental in Nvidia’s strategy of partnering with and investing in customer companies, a practice known as “circular financing.” These deals have raised concerns about financial risk, particularly with Nvidia’s nearly 13% stake in CoreWeave, a neocloud company that purchases Nvidia chips and rents out computing power to AI developers. When Nvidia’s shares slid 5% on Thursday, CoreWeave’s shares plummeted 7%.
In her new role, Kress emphasized the importance of Nvidia’s workforce, stating that she would build on the “extraordinary foundation” created by Huang over the past 33 years. Analyst Dan Ives of Yorkville Ives expressed confidence in Kress’s credibility but suggested that Nvidia’s board might look outside the company for a permanent CEO.
Kress’s extensive tech background includes stints at Cisco, Microsoft, and Texas Instruments. Her personal wealth, estimated by Forbes at over $1 billion in June, has diminished alongside Nvidia’s 30% stock decline since its October high. The company has not directly addressed Huang’s reported affairs but is investigating potential foreign intelligence involvement.