New York, Nov 12 (V7N)- Nvidia co-founder Jensen Huang has resigned as the company's chief executive officer and president, effective Thursday, November 12. Chief Financial Officer Colette Kress will serve as interim CEO until a permanent successor is appointed.
Nvidia's share price fell 10 per cent immediately after the resignation was announced. The company's market value has declined by approximately $600 billion this week amid the sell-off.
Huang founded Nvidia in 1993 and currently owns approximately 3.6 per cent of the company's shares.
Earlier, The Wall Street Journal reported that Nvidia's board of directors was preparing to remove Huang from his position amid controversy surrounding allegations of extramarital affairs.
The report said Huang had been accused of having multiple extramarital relationships, including an alleged connection to a woman suspected of being a Chinese spy. Huang has reportedly admitted to being unfaithful to his wife.
Meanwhile, Nvidia's board has launched an independent investigation into whether Huang was targeted by Chinese intelligence.
The company has said that there is currently no evidence that its confidential information or US national security has been compromised.
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