Nvidia Board Says It Has Not Picked Search Firm For CEO Successor

Where the search stands

Nvidia's board said, "We are in the process of selecting a search firm for the Nvidia CEO role," and added, "We have not formally engaged any potential candidates." It also pushed back on the rumor mill, stating, "Any speculation regarding individual candidates, whether internal or external, is premature."

On Thursday, the company said Jensen Huang would exit the CEO role following reports of multiple affairs, one of which involved a woman alleged to be a Chinese spy. Nvidia installed CFO Colette Kress as interim chief executive and said the hunt for a permanent leader will include both in-house and outside contenders.

Who is being floated

According to a Friday story in the Financial Times, Nvidia's board has reached out to Arm CEO Rene Haas about the job, citing people familiar with the matter. Prior to his 2013 move to the SoftBank-backed chip maker, Haas logged seven years at Nvidia, where he served in roles including a vice president responsible for the computing products business.

Probes, politics and the stock

On Tuesday, Nvidia said it hired Wachtell Lipton to investigate claims that Huang was the target of a foreign intelligence operation, following reports that the then-CEO maintained an intimate relationship with Alice Huang, whom several outlets have said is believed to be tied to Chinese intelligence work. On Nov. 18, three House committees plan to hold a closed-door session and have invited Huang to attend. The Senate Banking Committee also sought testimony from Huang and Commerce Secretary Howard Lutnick to address "serious concerns about our national security," and to review reports that the company's leading AI chips have apparently made their way into China.

On Friday, Nvidia's stock dropped by more than 2%, pulling the market value under 4 trillion dollars as investors absorbed Huang's exit and the possibility of continuing investigations into his conduct.

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The bottom line

The CEO transition, potential candidates, and fresh scrutiny around national security will sit over the stock as the board maps the next chapter.

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