Nvidia CEO replacement is under review as the company board prepares to meet on Nov. 11, Reuters reported, after news of an internal investigation and a letter from congressional committee chairs.
Nvidia CEO replacement, board discusses succession plan
Reuters reported that Nvidias board is preparing to consider removing cofounder and Chief Executive Jensen Huang when it meets on Nov. 11. The company did not immediately respond to Reuters for comment and had not announced any personnel decision as of publication.
Huang cofounded Nvidia in 1993 and led the company from graphics chips for video gaming to becoming a major supplier of artificial intelligence processors. Bloomberg, citing people familiar with the matter, reported the board has been working with outside firms to identify potential successors; the company has not named a successor.
Huangs disclosure and an independent probe
In a Nov. 8 letter to employees, Huang acknowledged an extramarital affair and said he would cooperate with an investigation, the company said. The board on the same day announced it had launched an independent probe to review reports that Huang may have been targeted by foreign intelligence activities.
Independent directors appointed former federal prosecutor Joon H. Kim and the law firm Wachtell, Lipton, Rosen & Katz to lead that investigation, Nvidia said in a statement. The New York Times later reported that the allegation of an affair involved a senior Nvidia executive.
Congress requests closed door briefing
The chairs of the House Foreign Affairs Committee, the House Select Committee on the Strategic Competition between the United States and the Chinese Communist Party, and the House Permanent Select Committee on Intelligence wrote a joint letter on Nov. 4 requesting that Huang appear for a closed door briefing on Nov. 18. They asked Huang to explain his contacts with a businessperson alleged to be involved in foreign intelligence activities and to describe what steps Nvidia has taken to guard against espionage, and they asked him to confirm attendance by Nov. 11 or propose an alternative date.
The chairs warned that if Huang did not respond, they would consider issuing a subpoena, the letter said. The congressional request adds pressure to the board as it weighs any Nvidia CEO replacement.
Stock reaction and earnings schedule
Nvidia shares rose 2.87 percent in regular trading on Nov. 11, closing at $173.73. In after hours trading the stock fell to $158.76 at 7:59 p.m. Eastern, a decline of 8.62 percent from the regular session close, according to exchange data.
The developments have clouded the timeline for any Nvidia CEO replacement and come days before the companys fiscal 2027 third quarter results. Nvidia said it will release results on Nov. 17 and will hold an earnings call after the release, which corresponds to about 5:20 a.m. Hong Kong time on Nov. 18.
