Nvidia stock tumbles as Jensen Huang steps down as chief executive
Colette Kress, Nvidia's finance chief since 2013, will serve as interim CEO while the board considers internal and external candidates.
Nvidia (NVDA) deepened its premarket decline on Thursday amid reports that Jensen Huang was stepping down from his roles as CEO, president and board member, with his departure taking immediate effect.
The chipmaker tapped Colette Kress, its executive vice president and chief financial officer, as interim chief executive while launching a search for a permanent replacement.
Bloomberg reported Wednesday that Nvidia’s board had been working with an outside search firm to identify potential successors to Jensen Huang, and that some directors favored Kress for the interim role.
Nvidia shares closed Wednesday at $173.73, up 2.9%, but fell as much as 8.6% in after-hours trading on reports that the board was preparing to oust Huang. The stock extended its decline into Thursday, dropping another 7.8% in overnight trading to around $160, per Yahoo Finance.
This is a developing story.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.
