Nvidia board reportedly deciding whether to oust CEO Jensen Huang as stock price plunges
Also reported by ABC News
Summary
Reports said Nvidia’s board met to consider whether to remove CEO Jensen Huang after allegations about his personal relationships and a sharp drop in the company’s share price. Nvidia had hired an outside law firm to investigate and, according to the article, directed Huang to remain CEO while the review continued.Key Facts
- Nvidia co-founder Jensen Huang admitted to employees that he had an affair and said he would cooperate with an internal investigation.
- The article says Alice Huang, a businesswoman who leads Singapore-based cloud computing firm Megaspeed, is accused of being a Chinese spy; Jensen Huang denies knowing of any ties to the Chinese government.
- The board reportedly met Wednesday to consider Huang’s position, after expressing confidence in him and his leadership team on Sunday.
- Nvidia appointed law firm Wachtell, Lipton, Rosen & Katz to conduct what it called a thorough and independent investigation.
- Nvidia shares fell more than 8% in after-hours trading after a report said the company was preparing to fire Huang.
- The article estimates Nvidia lost about $600 billion in market value since the board announced its investigation.
- Nvidia’s bylaws allow a majority of directors to remove Huang, and the company has 11 directors.
- The New York Times reported that Huang had a separate affair with Nvidia healthcare president Kimberly Powell; the article says the report cited video from a company conference.
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