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Nvidia board reportedly weighs ousting Jensen Huang as second affair report sends shares sliding
Nvidia shares fell almost 10% in after-hours trading on Wednesday, after reports that the chipmaker’s board is preparing to remove chief executive Jensen Huang following a second alleged affair.
The New York Times, citing five people who worked at the company, reported that Huang had a relationship with a senior Nvidia executive who reports directly to him. Huang reportedly hung up when the newspaper contacted him, and Nvidia declined to comment. The company’s code of conduct asks staff to avoid conflicts of interest arising from personal relationships.
Hours later, The Wall Street Journal reported that Nvidia’s board was preparing to oust Huang and could meet as soon as Wednesday. No decision has been announced.
That is a sharp change from November 8, when the board launched an investigation into Huang’s first affair, with a woman US intelligence reportedly suspected of working for Beijing, while saying it had “confidence in Jensen and his leadership team.”
Nvidia stock had closed up 2.9% at $173.73 before falling 9.6% to $157 after the bell.
Wedbush analyst Dan Ives warned that “there is no succession plan.” Analysts have named chief financial officer Colette Kress as a possible interim leader. Huang co-founded Nvidia in 1993 and has led it ever since.
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