President Donald Trump proposed former Apple CEO Tim Cook as Jensen Huang’s successor at the helm of Nvidia.
In a post on Truth Social, Trump praised Huang’s work and said Cook was the only person who could replace him. He described the transition as one legend replacing another.
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Nvidia announced yesterday that Huang had resigned as chairman, CEO and a board member, ending the 33-year period during which the co-founder led the technology giant.
The board said Colette Kress, currently Nvidia’s executive vice president and chief financial officer, would take over as interim head of the company. She will also remain chief financial officer until a permanent successor to Huang is appointed.
To select a new CEO, the board is beginning a search for candidates inside and outside the company. As recently as Sunday, it had expressed confidence in Huang and the management team. However, Nvidia’s bylaws allow the CEO to be removed “with or without cause” by a majority vote of the board.
Huang’s departure leaves a major leadership gap at Nvidia, the company he co-founded and built over more than three decades, which has a market value of about $4 trillion. Following the announcement, shares in the American semiconductor giant fell 5.44%, with the decline reaching as much as 11%.
