NVIDIA is undergoing massive leadership changes following the departure of its longtime chief executive. Former CEO Jensen Huang had earlier described Colette Kress, the company CFO who has now stepped in as interim CEO, as looking like a deer in the headlights during a presentation earlier in the summer, according to reports citing an anonymous source.
Discussions on Data Center Guarantees
Huang made these remarks during a meeting with the finance team regarding plans to offer billions of dollars in guarantees to data center operators who could not afford to purchase chips upfront. He reportedly stated that Kress was someone who could not assist him in steering corporate strategy or complex decision-making processes.
Scrutiny of Credit Deals
Kress has spent over 13 years at NVIDIA after previously serving as senior vice president and CFO of Cisco’s Business Technology Operations Finance. Reports indicate she questioned program-focused, credit-based deals involving Huang’s son-in-law Nico Caprez, seeking clarity on how to determine beneficial deals, value guarantees, and calculate returns.
Scaling Back the OpenAI Project
Earlier in the year, Kress scaled back NVIDIA's commitment to OpenAI's massive Ohio data center project. Although discussions initially involved providing $250 billion in credit, the company ultimately committed $105 billion to the initiative.
Resignation and Ongoing Investigations
Huang resigned on Thursday following reports of two extramarital affairs, including one with Kimberly Powell, the company vice president for healthcare. The organization is also looking into a potential Chinese espionage plot. Following his departure, reports indicated he was involved in a third affair with another employee. NVIDIA is currently searching for a permanent leader to replace Huang, who held the top position for more than 33 years.
