Nvidia hasn't picked a search firm for Huang's successor, board tells CNBC
Nvidia's board told CNBC it has not selected a search firm to find Jensen Huang's permanent successor, pushing back on speculation after reports that the board approached Arm chief executive Rene Haas.
No search firm, no candidates engaged
Nvidia hasn't yet selected a search firm to work with in identifying a successor for former chief executive Jensen Huang, the company's board told CNBC on Friday. "We are in the process of selecting a search firm for the Nvidia CEO role," the board said in a statement. "We have not formally engaged any potential candidates."
Nvidia announced on Thursday that Huang would step down as chief executive of the chipmaker after multiple reported affairs, including one with a woman purported to be a Chinese spy. Nvidia named chief financial officer Colette Kress as interim chief executive and said it will begin a search for a permanent chief executive to replace Huang, adding that it will consider both internal and external candidates.
The Haas report, and the board's answer
The Financial Times reported on Friday that Nvidia's board has approached Arm chief executive Rene Haas in its search for Huang's successor, citing people familiar with the matter. Haas is among several candidates being considered, with no certainty that he will be offered the job or accept it, the Financial Times reported. Reuters, which reported the Financial Times account, said it could not independently verify the report. Arm declined to comment, while Nvidia did not immediately respond to a Reuters request for comment.
Before joining the SoftBank-backed chip company in 2013, Haas spent 7 years at Nvidia, serving in a variety of roles including vice president of its computing products business. He became Arm's chief executive in 2022, overseeing the company's Nasdaq listing in 2023. Asked about the reports, Nvidia's board said: "Any speculation regarding individual candidates, whether internal or external, is premature."
- Search firm selectednone yet
- Interim chief executiveColette Kress
- Haas's years at Nvidia before Arm7
- Haas became Arm chief executive2022
- House briefing requestedNovember 18
- Nvidia shares, Fridaydown more than 2%
- Market valuebelow $4 trillion
A search under investigation and congressional scrutiny
On Tuesday, Nvidia said it had retained Wachtell Lipton to investigate allegations that Huang had been the target of a foreign intelligence effort, following revelations that its then-chief executive had an intimate relationship with Alice Huang, who several outlets reported is suspected of working for Chinese intelligence. Three House committees have asked Huang to appear for a closed-door briefing on November 18. The Senate Banking Committee has also requested that Huang and Commerce Secretary Howard Lutnick testify to discuss serious concerns about national security, and how the company's top AI chips have reportedly ended up in China.
Investors kept selling into the uncertainty. Nvidia shares fell more than 2% on Friday, dragging the company's market value below $4 trillion, as the board's search for a permanent leader remained at its earliest stage, with no search firm in place and no candidate formally engaged.
