AI summary
Summary of article:
Huang Renxun resigned as CEO of Huida and other positions amid controversy over her affair and Chinese spying. Chief Financial Officer Carisi served as CEO temporarily. The Board of Directors simultaneously initiated the succession process and appointed a new Chairman.
Huida The board of directors issued a statement on the 12th, CEO of Nvidia (also known as Nvidia)Jen-Hsun Huang Have resigned from the post of CEO, Chairman and Director. It was recently revealed that Jen-Hsun Huang had an extramarital affair with Huang Le, a suspected Chinese female spy. On the 11th, it was revealed that he had an affair with a subordinate, and he was forced to resign after working for 33 years at the company he founded.
After the news came out, Huida’s stock fell as much as 14%, but recovered its losses during the session and closed down about 4.3%. Huida’s share price tanked the stock market that day, and the three major stock indexes fell across the board. However, as the market digested the impact of the news, all three major stock indices closed down by less than 0.4%.
Huida’s 10-member board of directors said in a statement that Chief Financial Officer Colette Cress will act as CEO until a formal replacement is determined. The Board of Directors will immediately begin the selection process for Huang Renxun’s successor and will consider both internal and external candidates of the Company. Corless will continue to serve as chief financial officer and said she is committed to “building on the extraordinary foundation that Jen-Hsun Huang has built over the past 33 years.”
Huida’s board of directors also appointed longtime director Harvey Jones as the company’s first president. Earlier Huida did not have the post of chairman. Jones, a venture capitalist and technology executive, joined Huida’s board of directors in 1993, the same year the company was founded.
Huang Renxun resigned as CEO, opening a new situation full of uncertainty for Huida and also having a broader impact on the technology industry. Huang, 63, single-handedly turned Huida into one of the world’s most valuable listed companies. At present, Huida’s share in the advanced AI chip market is estimated to be up to 90%. These chips are not only indispensable core components for various AI projects that promote the development of the US economy, but also a key strategic resource for the United States and China to compete for AI dominance.
Recently it was revealed that Jen-Sun Huang was having an affair with suspected Chinese female spy Huang Le. On the 11th, The New York Times revealed that Zhen-Hsun Huang also had an extramarital affair with his married 48-year-old subordinate Power, the deputy director of Huida Healthcare Business.
Former Huida employees revealed that during Huida’s annual developer conference held in San Jose, California in March this year, Huang Jen-hsun and Ball were photographed having an intimate relationship in a hotel. After the incident was discovered, Huang’s bodyguard turned away the audience and put forward further conditions, requiring them to sign a confidentiality agreement. A reporter from The New York Times asked Jen-Hsun Huang about his relationship with Ball on the phone on the 11th. Huang Jen-hsun said, “I don’t think you should talk to me about this directly” and immediately hung up the phone.
According to information on Huida’s official website, Ball joined Huida in 2008, was promoted to senior director of Huida’s AI business development in 2016, and was appointed deputy director of health care business in 2017. He is currently in charge of planning to apply Huida chip technology to education and healthcare, especially medical imaging equipment.
Companies like Huida explicitly prohibit managers from falling in love with their subordinates. HUIDA writes in its employee rules that if there is any misconduct that violates the code, the company will immediately investigate the report.
The troubles have not ended even after Huang Renxun stepped down. Since one of his fraudulent partners, Huang Le, was accused of being a Chinese spy, Congress invited him to explain the case behind closed doors, and he agreed to participate.
Reuters reported that Mast, Chairman of the Foreign Affairs Committee of the US House of Representatives, Robert Mueller, Chairman of the Special Committee on Strategic Competition between the United States and the Communist Party of China, and Crawford, Chairman of the Intelligence Committee, asked Huang to go to Congress on the 18th for a closed-door briefing on his relationship with Huang Le and related allegations. Subramaniam, a Democratic member of the House Oversight Committee, said the congressional investigation should clarify Huida’s dealings with Beijing and whether the Trump administration already knew about it and why it failed to act.
Summary FAQ
-
The article reported that it had been revealed that he had an extramarital affair with a suspected Chinese female spy and her subordinates. As the scope of the incident continued to grow, he finally resigned from the posts of CEO, Chairman and Director, shocking the technology circle and the market.
-
The board of directors stated that Chief Financial Officer Kelis will serve as interim CEO, and that she will continue to serve as Chief Financial Officer; Additionally, formal successor selection will be initiated immediately, and both internal and external candidates will be included in the assessment.
-
After the news came out, Huida’s share price fell by 14%, and still closed down 4.3%; The market later stabilized, but Huang Renxun will still go to the US Congress for closed-door briefings and accept relevant inquiries because of his involvement in the Huang Le case.
