NVIDIA co-founder Jensen Huang resigned, and CFO Cress became interim CEO. The share price plunged, and the November earnings announcement is drawing investors' attention.
NVIDIA formally announced the resignation of founder Juan and the appointment of an interim CEO. Cress, who has overseen the company's finances for many years, will become interim CEO. Investors are pricing the appointment into the share price.
Debate continues over the direction of the business after Juan's resignation, but the scale of the share-price decline has led to suggestions that the market may be conflating the change at the top with fundamental changes to the company.
Before reports of Juan's resignation, there had been reports of an extramarital relationship. One report said the woman was a Chinese businesswoman who might be a spy for the Chinese government. The board established an independent committee and is overseeing the investigation with support from outside counsel. Juan has promised to cooperate with the investigation.