Keep Jensen Huang at Nvidia — but end the one-man show

Jensen Huang, Nvidia's CEO, is embroiled in a scandal involving an alleged affair with a former executive suspected of ties to China. Despite the board opening an independent investigation and expressing confidence in Huang, the company's shares plummeted 4.3% on Monday, erasing $190 billion in market value. Nvidia's flat organizational structure, with Huang at the center, makes it difficult to find a successor or implement a clear succession plan.

The board faces challenges in removing Huang, as he has been with the company since its inception and could face retaliation from investors and regulators if he were to be replaced. The board may instead opt to "stay, with less," appointing a second-in-command and increasing oversight while Huang remains CEO. This outcome, however, hinges on the board's willingness to hold Huang accountable and address candor issues, as failure to do so could lead to his removal.