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Jensen Huang has resigned as President and CEO of NVIDIA as well as from the NVIDIA Board of Directors, effective immediately. CFO Colette Kress will serve as interim CEO while the Board of Directors conducts a search for a permanent successor.

Jensen Huang founded NVIDIA 33 years ago. Under his leadership the company has designed chips to facilitate the AI revolution. During his tenure NVIDIA's market cap rose to $3.8 trillion. In Nvidia's announcement of Huang's departure the board of NVIDIA said that it would consider both internal and external candidates for the vacant positions.

That Jensen stepped down in connection with reports that he had an affair with an alleged Chinese spy and another with a direct report at the company were not addressed in the announcement. The company said operations, customer commitments and the product roadmap would all continue without interruption from Huang.

Kress has served as executive vice president and Chief Financial Officer since she joined NVIDIA in September 2013. In addition to serving as interim Chief Executive Officer, she will continue to serve as the company's Chief Financial Officer. Prior to joining NVIDIA, Kress served as senior vice president and Chief Financial Officer of Cisco's business technology operations for three years. She spent 13 years at Microsoft in a variety of roles including four years as Chief Financial Officer of the Server and Tools division. She holds a Bachelor's degree in Finance from the University of Arizona and an MBA from Southern Methodist University.

She is 59 years old and lives in California. She is also worth about $1.2 billion according to her Forbes profile of her. She joined NVIDIA in part because her two sons were gamers and had always wanted the company to do well. Now she is a regular participant on NVIDIA's earnings calls.

The Board of Directors of NVIDIA also announced that Harvey C. Jones, longtime technology executive and venture investor and former CEO and Executive Chairman of Synopsys, will serve as the company's first Chair. "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," Jones said.

"NVIDIA's strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years," Kress said in the statement. NVIDIA is expected to report third quarter earnings on Tuesday, November 17 at 1:20 pm PT followed by the earnings call at 2:00 pm PT.

The timing of the information releases on Huang are interesting, coming essentially at the same time Democrats look to take power after the midterm elections. Some analysts believe the timing is no accident, as the left wants to stop the AI revolution and harm the economy.

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