Nvidia shares closed down 2% on Friday, bringing their loss for the week to 12.7% as the chipmaker searched for a successor to co-founder Jensen Huang. Inside the company, some employees were urging the board to bring him back.
Nvidia announced Thursday that Huang had resigned as president, chief executive and a member of the board. Colette Kress, the company's longtime chief financial officer, took over as interim CEO and will continue to serve as CFO while the board considers candidates from inside and outside the company.
A longtime Nvidia engineer posted on an internal suggestion board before Huang resigned, asking directors to take employees' views into account before deciding his future. The post drew more than 1,600 comments, including calls to reinstate him, according to Wired, which reviewed internal correspondence. One employee also sent a companywide email asking for more transparency about his departure.
The Financial Times reported Friday that Nvidia had approached Arm CEO Rene Haas, who previously worked at Nvidia, as one of several possible successors. Nvidia's board told Reuters that it was still selecting an executive search firm and had yet to formally engage any candidates.
Huang's resignation followed reports about his personal relationships. In a Sunday message to employees, he acknowledged being unfaithful to his wife. The New York Times separately reported an alleged relationship with Nvidia healthcare executive Kimberly Powell. Nvidia's board announced an independent investigation after reports that Huang may have been targeted by a foreign intelligence effort and retained former federal prosecutor Joon H. Kim to lead the review.
Morgan Stanley analysts said Friday that Kress could steer Nvidia through the transition, but warned that leaving the role interim for too long could complicate major investments, customer commitments and long-term planning. They urged the board to make a permanent appointment a priority.
