Nvidia’s board of directors met late Wednesday, November 11, to consider removing co-founder and Chief Executive Officer Jensen Huang, according to Reuters, citing a person familiar with the matter.
The meeting followed a report by The Wall Street Journal that the company was preparing to dismiss its longtime CEO amid allegations involving two extramarital relationships, including one with a businesswoman suspected of connections to Chinese intelligence.
Nvidia did not immediately respond to requests for comment on the meeting.
The developments represent a significant shift from Sunday, when the company’s board publicly expressed confidence in Huang and his leadership team.
Board Has Authority to Remove Huang
Under Nvidia’s corporate bylaws, the board can remove its chief executive with or without cause through a majority vote.
The company has 11 directors, with all except Huang classified as independent.
The potential leadership change follows an internal investigation into Huang’s relationship with Alice Huang, a businesswoman whose alleged connections to Chinese intelligence have raised national security concerns.
Separately, The New York Times reported that Huang had an extramarital relationship with Kimberly Powell, Nvidia’s vice president of healthcare, who reported to him.
Reuters said it could not independently verify that report.
Huang previously acknowledged being unfaithful to his wife but did not publicly provide details about the relationship.
The allegations have raised questions about Nvidia’s corporate governance, executive conduct and succession planning.
Nvidia Shares Fall as Market Value Losses Approach $600 Billion
Nvidia shares declined more than 8% in extended trading following reports that the board was considering Huang’s removal.
According to Reuters, the decline, if sustained, would bring the company’s cumulative loss in market capitalization to approximately $600 billion since the board announced its investigation.
The potential departure of Huang, who co-founded Nvidia in 1993 and has led its expansion into artificial intelligence infrastructure, has added uncertainty for investors.
Nvidia remains one of the world’s largest semiconductor companies and a leading supplier of processors used to train and operate advanced AI systems.
Leadership Succession Becomes a Central Question
Huang, 63, has led Nvidia for more than three decades, overseeing its transformation from a graphics processor manufacturer into a major provider of artificial intelligence computing infrastructure.
According to Reuters, the company has no publicly identified successor.
Chief Financial Officer Colette Kress has been mentioned by market participants as a possible interim leader, although Nvidia has not announced a succession plan.
The leadership uncertainty comes ahead of Nvidia’s quarterly earnings announcement, scheduled for November 17.
As of November 12, the company had not publicly confirmed Huang’s removal or announced a replacement.
