A profile of interim Nvidia CEO Colette Kress, who joined in 2013 after working at Cisco and Microsoft; as CFO, Kress criticized US export controls on China (Adam Satariano/New York Times)

Jensen Huang has resigned as president and chief executive of Nvidia following his admission to a romantic affair with an alleged Chinese spy. Nvidia stated on Thursday that the board accepted Huang’s resignation on Wednesday. The news has coincided with a significant decline in company value, as shares fell nearly 12% in early morning trading on Thursday, contributing to a 19% drop since Friday and a market cap loss exceeding $855 billion.

Colette Kress, the company's current chief financial officer and executive vice president, will serve as interim CEO until a permanent successor is found while continuing her role as CFO. Kress joined Nvidia in 2013 after previously working at Cisco and Microsoft. According to the New York Times, Kress has criticized US export controls on China in her capacity as CFO.

Brief written by urgent.news from Techmeme, TechCrunch — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.