Nvidia moved to oust Jensen Huang as 8% stock drop deepened crisis
What's new: reports said the board was preparing to meet and Nvidia had begun looking outside the company for CEO candidates.
Nvidia’s board was preparing to decide Jensen Huang’s future after reports that the CEO had an extramarital relationship with Kimberly Powell, a vice-president who reported to him, adding to scrutiny over his ties to Alice Huang, a Chinese businesswoman US intelligence identified as an asset. The fallout hit the chipmaker’s stock, which fell about 8% in after-hours trading, and reports said Nvidia had started working with an outside firm to identify possible successors. The board’s investigation is being led by Wachtell, Lipton, Rosen & Katz. Huang acknowledged infidelity in a memo to employees earlier this week, while Nvidia and Powell did not immediately respond to requests for comment.