Nvidia’s board has been working with an outside firm to identify potential replacements for CEO Jensen Huang, Bloomberg has reported, in the clearest sign yet that the company is preparing for life without its founder.
The board is also weighing the idea of naming a temporary chief executive while it searches for a permanent one, according to Bloomberg, which cited a person familiar with the situation who asked not to be identified because the information isn’t public. Directors were meeting on Wednesday to discuss Huang’s fate, people familiar with the situation told the news agency. Nvidia didn’t immediately respond to Bloomberg’s request for comment.
From Investigation To Succession
The Bloomberg report follows the Wall Street Journal’s earlier report that the board is preparing to oust Huang, citing unidentified people familiar with the matter. Both come after reports of multiple extramarital affairs, including one with a woman who is reportedly suspected of spying for China.
That woman is Alice Huang, a Megaspeed executive with no relation to Jensen, who U.S. officials believe was a Chinese intelligence asset. The allegations against her remain unproven, and China has denied them. The second relationship was reported by the New York Times on Wednesday, which said Huang also had a relationship with Kimberly Powell, Nvidia’s vice president of healthcare, who reports to him. The Times cited five people who worked at the company, and the claims have not been confirmed by Nvidia, Huang or Powell.
The board’s stance has shifted quickly. On November 8, after Huang admitted in a memo to employees that he had been unfaithful to his wife, the board opened an independent investigation and said it retained confidence in his leadership. A company spokesperson said at the time that Huang was committed to continuing as CEO without interruption. Within four days, the board is now reportedly drawing up a list of replacements.
An Interim CEO Is An Option
The idea of a temporary chief suggests the board may want to act on Huang’s position faster than it can complete a full search. Bringing in an interim leader would let the company separate the question of Huang’s exit from the harder task of finding a permanent successor to the person who co-founded Nvidia in 1993 and built it into the world’s most valuable company.
The board has not publicly announced any decision, and Bloomberg’s report describes deliberations and options rather than a final outcome. Outside governance experts have previously speculated about who could fill an interim role, including lead independent director Stephen Neal and chief financial officer Colette Kress, and nothing has been reported about whom the board is considering.
A Hard Succession
Finding a replacement will be difficult. Bloomberg has previously reported that Nvidia had no clear succession plan for Huang, and the company’s flat management structure, with dozens of executives reporting directly to him, has meant no obvious heir apparent. Huang is also one of the most recognisable figures in the AI industry and a major voice in Washington on chip export policy.
The market has already priced in the risk. Nvidia’s shares fell nearly 8% in after-hours trading after the reports on Wednesday, and prediction market traders now see an exit as likely, with Kalshi putting the odds of Huang leaving before July 2027 at 80%.
Huang has had some high-profile backing. Elon Musk called him irreplaceable for American AI leadership, and President Donald Trump said Huang told him he had no idea Alice Huang was a spy. Huang has also withdrawn from public appearances, and three House Republican committee chairs have asked him to appear for a closed-door briefing by November 18.
What happens next depends on the outcome of Wednesday’s board meeting and the conclusions of its investigation, led by the law firm Wachtell, Lipton, Rosen & Katz.