Key Highlights

  • Nvidia (NASDAQ:NVDA) was trading down about 11.93% at USD 153.00 in pre-market on Thursday, November 12, 2026, against a November 11 close of USD 173.73, while other reports put the move between about 9% and 12%.
  • Harvey C. Jones, an Nvidia director since November 1993 according to older proxy filings, was named the board's first-ever chair, a title the company release did not say had existed before.
  • The board opened an independent investigation on November 8 into reported foreign intelligence targeting of Jensen Huang, saying it had no reason to believe US national security or company secrets were compromised.
  • Third-quarter fiscal 2027 results are scheduled for November 17, 2026, with Colette Kress serving as interim chief executive while keeping her chief financial officer duties until a permanent successor is named.

A First-Ever Chair Arrives With the CEO Seat Empty

Nvidia (NASDAQ:NVDA) said before the US open on Thursday, November 12, 2026, that co-founder Jensen Huang resigned as president, chief executive and board member, effective immediately, and that Harvey C. Jones becomes the board's first-ever chair. The release gave no reason and no statement from Huang. Jones is a long-time technology executive and venture investor who previously led Synopsys (NASDAQ:SNPS) as chief executive and later executive chairman, and older proxy filings show him on the Nvidia board since November 1993. The release did not say whether Lead Director Stephen Neal keeps that title. Colette Kress, the finance chief since September 2013 according to a filing, is interim chief executive while the board searches internal and external candidates, with no timetable given.

What a Chair Does That a Lead Director Did Not

In general governance practice, a chair sets the board agenda, runs meetings and acts as the main link between directors and management. A lead director, by contrast, usually serves as an independent counterweight when the chief executive also sits on the board. With the chief executive seat now vacant, the chair is the natural figure to coordinate a succession search and oversee interim arrangements, although the release did not spell out Jones's remit. His 33 years on the board bring deep company knowledge, though the release did not address how that tenure fits the board's independence standards.

Independent Investigation Still Overhangs the Boardroom Reset

The change follows a fast sequence of reported events. A published report on October 29 said US officials viewed a woman linked to an Nvidia-related company as a Chinese intelligence asset close to Huang, an allegation the company has not confirmed. On November 8 the board opened an independent investigation, and on November 10 the independent directors retained a law firm to lead it. On November 11 a further report described a second alleged relationship with a vice president who reported to Huang, and the board met that evening. Nvidia has not confirmed any compromise, and the board said it had no reason to believe national security or company secrets were compromised. Published summaries of the release did not say whether the investigation continues.

Where Things Stand

A first-ever chair can steer the CEO search and oversee the interim arrangement, but it does not settle the open questions by itself. Nvidia (NASDAQ:NVDA) still has an investigation without a published outcome, an interim chief executive who is also the finance chief, and no search timetable. KeyBanc downgraded the stock to Sector Weight, and Bernstein cut its price target to USD 200 from USD 400, as reported. The next hard marker is the November 17 Earnings report, the first under the new structure.