Who is Colette Kress, NVIDIA's new CEO?
What's the story
NVIDIA has appointed Colette Kress as its interim CEO after Jensen Huang's sudden resignation today. Huang, who had been with the company for 33 years, stepped down amid a growing scandal involving two extramarital affairs. One of the women involved in these affairs has been accused of spying for China. The company's board is now looking for a permanent replacement and will consider both internal and external candidates.
Background
Kress's extensive experience and board's confidence
Kress has been NVIDIA's Executive Vice President and CFO since September 2013. She has played a key role in the company's growth during her tenure.
Prior to joining NVIDIA, Kress spent nearly 25 years in finance roles at other tech giants like Cisco, Microsoft, and Texas Instruments.
Harvey Jones, Chair of the NVIDIA Board of Directors, expressed confidence in Kress's ability to lead during this transition period.
Vision
Commitment to continue NVIDIA's legacy in AI and computing
Kress has expressed her commitment to continue NVIDIA's work as a leader in accelerated computing and AI.
She said, "Together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years."
Kress is determined to keep NVIDIA focused on its customers, partners, developers, and shareholders.
Fallout
Impact of Huang's resignation on NVIDIA's stock and AI concerns
Huang, who co-founded NVIDIA in 1993, was known for his hands-on approach to the company.
His sudden resignation has had a major impact on NVIDIA's shares, which fell 14% after the announcement. This is set to be their sixth consecutive weekly decline, the longest losing streak since 2012.
The drop is also due to widespread concerns about AI development following recent midterm elections that favored Democrats.