Six months after defending its decision to operate without a board chair, Nvidia has abandoned that arrangement, installing its first chair and handing executive control to its chief financial officer following the immediate resignation of co-founder Jensen Huang.
The leadership overhaul comes five days before Nvidia is scheduled to report quarterly financial results, with the company previously forecasting $108.0 billion in revenue. The changes also follow an independent investigation into reports that Huang had been targeted by a foreign intelligence operation.
Nvidia appointed longtime director Harvey C. Jones as its first board chair and named CFO Colette Kress interim chief executive. Kress will retain her finance responsibilities while the board searches for a permanent successor, considering both internal and external candidates.
Sponsored · Mercado Minerals Ltd.
Huang also resigned from the board, ending his 33-year tenure leading the company he co-founded in 1993.
Board structure reversed
The appointments mark a departure from the governance framework Nvidia described in its May 12 proxy statement.
At the time, the board defended its arrangement of having an independent lead director rather than a chair, arguing that the structure ensured each director had an equal voice in management oversight.
Nvidia said the arrangement promoted independent supervision, distributed responsibilities between executives and directors, and provided adequate oversight without appointing a chairperson.
Sponsored · Silver47 Exploration Inc.
Stephen C. Neal served as lead independent director under that structure.
Jones, who joined Nvidia’s board in 1993, has experience in semiconductor design software and previously served as chief executive and executive chairman of Synopsys. Nvidia’s 2026 proxy listed him as a member of its audit and nominating and corporate governance committees.
The company’s announcement did not explain why the board abandoned its previous structure or how Jones’ appointment would affect the existing lead-director position.
The change separates formal board leadership from executive management at the same time that Nvidia has temporarily consolidated its chief executive and finance responsibilities under Kress.
Kress joined Nvidia in September 2013 after holding finance positions at Microsoft and Cisco. Her appointment puts an executive responsible for Nvidia’s financial reporting, capital allocation, and investor communications in charge of its broader operations.
A $108 billion quarter without Huang
Nvidia’s leadership transition follows a period of extraordinary financial expansion. The company reported second-quarter fiscal 2027 revenue of $96.2 billion, an increase of 106% year over year and 18% sequentially.
Data center revenue reached $89.0 billion, up 117% from the previous year. Operating income rose 124% to $63.7 billion, while net income increased 126% to $59.7 billion.
For the third quarter, Nvidia projected revenue of $108.0 billion, plus or minus 2%, alongside a gross margin of approximately 74%.
The guidance did not assume any data center compute revenue from China.
Nvidia also reported approximately $99.0 billion remaining under its share repurchase authorization at the end of the second quarter, after returning about $26.0 billion to shareholders through repurchases and dividends during the period.
These figures establish the financial scale of the business Kress is assuming, including responsibility for managing Nvidia’s growth, expenditures, shareholder returns, and relationships with major AI infrastructure customers.
The company has retained its November 17 earnings schedule, with financial results expected at approximately 1:20 p.m. Pacific Time and a conference call at 2 p.m.
Leadership crisis investigation
Huang’s departure follows several days of scrutiny surrounding his personal relationships and potential national-security exposure.
On November 8, Nvidia’s board announced an independent investigation after reports alleged that Huang had been the target of a foreign intelligence effort.
The company said at the time that it had no reason to believe national security or Nvidia’s proprietary information had been compromised.
Huang separately acknowledged in a message to employees that he had been unfaithful to his wife. He also pledged to cooperate with the board’s investigation.
On November 10, Nvidia announced that its independent directors had retained former acting US Attorney Joon H. Kim and Wachtell, Lipton, Rosen & Katz to conduct the inquiry.
According to Reuters, reporting about Huang’s relationship with a businesswoman suspected by US authorities of having Chinese intelligence connections intensified scrutiny of the CEO. Beijing has denied the espionage allegation.
The New York Times also reported a separate relationship involving a senior Nvidia executive who reported to Huang.
Meanwhile, Nvidia’s directors were reportedly preparing to remove Huang. The company’s eventual announcement characterized his departure as a resignation and did not identify a formal cause.
Nvidia has not publicly disclosed findings establishing that Huang compromised company information, violated export controls, or knowingly participated in an intelligence operation.
The company’s shares fell more than 12% in early trading on Thursday, according to Reuters, putting the chipmaker on course to lose approximately $500 billion in market capitalization at that point in the session.
In its leadership announcement, the board said it expected operations, customer commitments, and the company’s product roadmap to continue without interruption.
Jones cited Kress’ experience managing Nvidia’s financial organization and working with its customers and operating teams as grounds for the board’s confidence in the interim appointment.
Kress committed to maintaining Nvidia’s existing business priorities and executing its technology strategy.
