Nvidia plunges over 13% after Jensen Huang's resignation; Nasdaq leads Wall Street losses
New Delhi, November 12
US stock futures opened lower on Thursday, with Nasdaq futures declining over 1.16 per cent and Nvidia shares plunging more than 13 per cent following the sudden resignation of the chipmaker's Chief Executive Officer Jensen Huang, weighing on sentiment ahead of Wall Street's trading session.
According to the latest market data, Nasdaq futures declined 1.16 per cent, to 25,171.43, while S&P 500 futures slipped 0.69 per cent, to 7,566.86. Dow Jones futures were down 0.02 per cent, at 52,477.28.
Meanwhile, Nvidia shares fell 13.09 per cent, to USD 150.99, reflecting sharp selling pressure following the company's announcement of a major leadership transition.
In a statement dated November 12, Nvidia announced that Jensen Huang had resigned as President, Chief Executive Officer and a member of its Board of Directors, effective immediately.
The company appointed its Executive Vice President and Chief Financial Officer, Colette Kress, as interim CEO, while initiating a search for a permanent successor.
Kress will continue to serve as CFO until a permanent successor is named, while the company's Board has initiated a search considering both internal and external candidates.
The company also appointed Harvey C. Jones as its first-ever Chair of the Board.
Commenting on the transition, Jones said, "The Board has full confidence in Colette and the leadership team, and we expect the company's operations, customer commitments and product roadmap to continue without interruption."
Meanwhile, Kress said, "We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead."
Kress has served as NVIDIA's CFO since September 2013 and previously held finance roles at Cisco and Microsoft.
The leadership change comes ahead of NVIDIA's third-quarter fiscal 2027 financial results, scheduled for November 17.
— ANI
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