Nvidia's board met on Wednesday to evaluate the potential removal of Jensen Huang after reports detailed two separate extramarital relationships, one of which he acknowledged on Sunday. Allegations include an affair with Megaspeed executive Alice Huang, who is suspected by U.S. intelligence of spying for China, as well as a workplace relationship with Kimberly Powell, a company vice president who reports directly to him. The corporate turmoil triggered a 7.2% decline in premarket trading as investors react to the prospect of an abrupt leadership change.
Key points
Nvidia's board of directors is actively weighing whether to remove Jensen Huang from his…: Nvidia's board of directors is actively weighing whether to remove Jensen Huang from his role as chief executive officer.
Media reports revealed Huang maintained an extramarital relationship with an executive re…: Media reports revealed Huang maintained an extramarital relationship with an executive reporting directly to him at Nvidia.
Leadership uncertainty stemming from governance and security allegations is driving an im…: Leadership uncertainty stemming from governance and security allegations is driving an immediate sell-off in the company's shares.
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Nvidia shares fell on Thursday as the company's board met to decide whether to ax Jensen Huang as CEO following reports that he had had two extramarital affairs.
On Sunday, Huang admitted to having an affair. The CEO was romantically involved with Alice Huang, an executive at cloud company Megaspeed, according to The Financial Times, who U.S. intelligence officials believe is a spy for China.
The New York Times on Wednesday reported that Huang had another extramarital relationship with Kimberly Powell, vice president of health care at Nvidia. Powell reports to Huang, according to the Times.
CNBC confirmed that the Nvidia board met on Wednesday to discuss whether to oust Huang as CEO.
Shares of Nvidia were down 7.2% in premarket trading as of 4:05 a.m. ET.
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