Nvidia stock falls as board reportedly prepares to oust Huang
Original title: Nvidia’s stock drops as board reportedly preps to oust CEO Jensen Huang
The Journal says directors could meet Wednesday; shares fell about 8% after hours and about 11% over five days.
The Wall Street Journal reports Nvidia’s board is preparing to remove co-founder and CEO Jensen Huang and could meet as soon as Wednesday. Huang has led the chip designer for 33 years, and the company has no obvious successor. On Sunday he admitted an extramarital affair with a woman U.S. intelligence purports is a Chinese spy; the New York Times later reported a second affair with a direct report. Nvidia stock fell about 8% in Wednesday after-hours trading and about 11% over five days.
Unconfirmed: The board ouster is reported by the Journal, not confirmed by Nvidia; the spy description is what U.S. intelligence purports.
- Huang has about 60 direct reports and delegates very little, he has said.
- The company has not had an obvious successor or succession plan.
- Nvidia designs chips that power the current AI boom.
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From the original article
1 min read at techcrunch.com
As soon as Wednesday evening, Nvidia's board could decide to remove its founder and CEO of 33 years.
By Amanda Silberling · techcrunch.com
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