Nvidia's board is reportedly preparing to remove co-founder and CEO Jensen Huang, who has led the company for 33 years, according to the Wall Street Journal. The board plans to meet as soon as Wednesday to determine Huang's future.
The move follows disclosures about Huang's personal conduct. On Sunday, Huang admitted to an extramarital affair with a woman purported by U.S. intelligence to be a Chinese spy. On Wednesday evening, the New York Times reported that Huang also had an affair with an executive who reports to him.
Nvidia stock fell about 8% in after-hours trading on Wednesday following the reports. The stock is down about 11% over the past five days.
Huang has managed Nvidia through its rise as a designer of chips powering the AI boom, making the company one of the world's most valuable. He delegates very little and maintains about 60 direct reports. The company lacks an obvious successor or succession plan. Bloomberg reports that Nvidia is working with an outside firm to identify potential replacement candidates for the CEO role.