Washington DC [US], November 12 : In a dramatic development shaking global capital markets, Nvidia CEO Jensen Huang abruptly resigned from his position and stepped down from the company, triggering sharp volatility in the chipmaker’s shares, which plunged nearly 13 per cent at market open before recovering some losses to trade 4-5 per cent lower at the time of filing this report.
Amid the high-stakes leadership shuffle, US President Donald Trump took to Truth Social to throw his weight behind Apple Chief Executive Tim Cook as the ideal successor, writing, "NOW THAT Nvidia CEO JENSEN HUANG, who has done a fantastic job, has resigned, there is only one man to take his place - TIM COOK of Apple. A Legend replaces a Legend!"
Nvidia’s Board of Directors announced that Executive Vice President and Chief Financial Officer Colette Kress has been appointed as interim CEO while the company evaluates internal and external candidates for a permanent replacement. Kress, who has served as Nvidia's CFO since September 2013 with prior experience at Cisco and Microsoft, will continue handling her financial duties during the transition.
Concurrently, Nvidia restructured its governance by appointing Harvey C Jones as its first-ever Chair of the Board. Reassuring investors ahead of the company's scheduled third-quarter fiscal 2027 financial results on November 17, Jones stated, "The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption."
Interim CEO Colette Kress echoed this sentiment, adding: "We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead."
While President Trump's public endorsement of Tim Cook drew widespread attention, neither Nvidia nor Apple has issued an official statement regarding Cook's potential cross-company migration, making Trump's proposal an external political commentary rather than a corporate nomination.
As Wall Street processes the sudden departure of Huang and digests the heavy pre-market sell-off, all eyes remain fixed on Nvidia's upcoming earnings report on November 17 to gauge the chip giant's financial stability under interim stewardship.