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By Hollie Silverman
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As Nvidia investigates reports that CEO Jensen Huang was targeted by a foreign intelligence effort after acknowledging an affair, the episode has sharpened a question with enormous consequences for one of the world’s most valuable technology companies: What happens if the only CEO it has ever known is no longer in charge?
There are executives who could provide interim stability and semiconductor industry veterans who could be considered for the permanent job. But Jay Aldebert, chief growth officer at International Services Inc. with more than 26 years of experience advising small and mid-sized businesses, said the company should not try to find another leader capable of replicating Huang.
“The mistake after a founder is looking for another founder. You will not find one,” Aldebert told Newsweek on Tuesday. “The better answer is a leadership team where responsibilities are shared and the company is no longer hostage to one individual.”
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Aldebert said the issue exposes a broader vulnerability for Nvidia as questions about its leadership and eventual succession come into focus.
“Jensen Huang built one of the most successful businesses in the world," he said. "But a company is only truly successful when it is bigger than the person who built it. Key-person risk is the most common weakness I see in a $4 million business. Nvidia just showed it at $4 trillion. If Nvidia cannot operate without Jensen Huang, that is a business risk investors need to understand.”
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Dan Ives, partner and senior managing director and analyst at Yorkville Ives & Co. with a focus on the technology sector, told Newsweek that Nvidia faces a significant succession challenge because of how central Jensen Huang has become to the company.
“There is no succession plan and it would be a stretch to find a candidate internally to replace Jensen,” Ives said. “This is the definition of key man risk.”
Dave Altavilla, president and principal analyst at HotTech Vision and Analysis and editor-in-chief of HotHardware.com, similarly described Huang as “one of the most difficult CEOs in technology to replace.”
Altavilla has covered Nvidia and the semiconductor industry for decades, giving him a long-term perspective on the company’s technology strategy and potential leadership candidates.
“He’s not simply NVIDIA’s chief executive, he’s the architect of its accelerated computing strategy, its developer ecosystem and much of its success in AI infrastructure,” Altavilla told Newsweek.
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Huang co-founded Nvidia in 1993 and has served as CEO since its founding. The company made its name in gaming graphics hardware before becoming a leading producer of chips used to power artificial intelligence.
His position at the center of the company makes the prospect of a sudden leadership change especially consequential. Aldebert said the immediate danger would be uncertainty among investors, customers and employees.
“Investors hate it, and this company carries a big piece of the whole market on its back,” he said. “The chips do not stop selling because the CEO leaves. The technology, the people and the customer relationships are still there.”
But Aldebert said a more significant problem could emerge if uncertainty about the company’s direction persisted.
“I have watched businesses lose momentum after a leadership change not because the product got worse, but because customers and employees started questioning the direction,” he said. “That is the risk.”
What Is Nvidia Investigating?
Nvidia’s board is investigating reports that Huang was targeted in an alleged foreign intelligence effort after he acknowledged having an extramarital affair. The allegations have raised national security concerns because of Nvidia’s central role in producing advanced chips used for artificial intelligence.
Huang acknowledged being unfaithful to his wife and apologized to his family and the company. He said he supported the investigation and would cooperate fully.
The woman has been identified as Alice Huang (no relation), a business executive for Chinese company Megaspeed. China has denied that it attempted to ensnare Jensen Huang, describing the allegations as unsubstantiated.
The controversy has extended beyond Nvidia’s internal investigation.
“I know the FBI is looking into it in terms of something else, and I think that he’ll be in good shape,” President Donald Trump said Monday during a White House briefing in which he expressed support for the CEO.
Trump said he had spoken with Jensen Huang that day.
“He said he had absolutely no idea that the person in question was a spy,” Trump said, adding that Jensen Huang is “a very honorable man.”
Nvidia has said it has no reason to believe national security or company secrets were compromised. Its independent investigation is ongoing.
Jensen Huang and Nvidia now face a shareholder lawsuit accusing them of misleading investors about his relationship with Alice Huang and the potential national security implications.
The complaint, filed by investor Mark Kistenmacher in California, alleges that the company failed to disclose the affair and made misleading statements about Nvidia’s relationship with Megaspeed. The lawsuit seeks unspecified damages and a jury trial.
If the investigation produces serious findings, Aldebert said that the board could consider measures short of removing Jensen Huang.
“That depends on what they find,” Aldebert said. “A board has steps short of removal: greater oversight, narrower responsibilities, an independent chair over him, a formal number two.
“The hard part is not the menu. It is whether the board is willing to use it on a founder who built the company.”
Who Could Replace Jensen Huang?
Ives said Colette Kress could serve as an interim CEO. Kress is Nvidia’s chief financial officer and one of the company’s highest-profile senior executives, regularly representing the chipmaker to investors and Wall Street.
Aldebert also identified Kress as an option to provide immediate stability if Nvidia suddenly needs an interim leader.
“Colette Kress is the natural interim because she is the executive the market already knows,” he said. “The long-term answer is the board’s call.”
Altavilla agreed that Kress could provide continuity on an interim basis while pointing to Ian Buck as a potential longer-term internal candidate and Arm CEO Rene Haas as an “intriguing external possibility” because of his semiconductor experience and previous time at Nvidia.
However, Altavilla cautioned against assuming Jensen Huang will leave, noting that Nvidia’s board has publicly backed his leadership and that the investigation has not established that company intellectual property or national security was compromised.
“His departure could introduce substantial execution risk at a critical point in the AI infrastructure buildout,” Altavilla said.
If a transition became necessary, Aldebert said, the company should look internally first.
“Internal first, at least for an interim,” he said. “Nvidia is an extremely complicated business, and an outsider who does not know the technology, the customers or the culture adds risk at the worst possible moment.”
Rather than trying to recreate Jensen Huang’s role under another executive, Aldebert said a transition could give Nvidia an opportunity to change its leadership structure and divide responsibilities among a broader group of executives.
Could an Outsider Take Over?
If Nvidia ultimately looked beyond its own ranks, Aldebert said that the “outside list is shorter than people think.” He named former Intel CEO Pat Gelsinger and Haas as possible candidates.
He also mentioned AMD CEO Lisa Su and Broadcom CEO Hock Tan while acknowledging potential obstacles.
“The résumé is only part of it,” Aldebert said. “You need someone who understands the technology, can run a massive global business and has the confidence of customers and investors on day one. And qualified does not mean available or interested. This would be the most watched CEO search in the world, and Nvidia would have to get it right the first time.”
Can Nvidia Replace Jensen Huang?
Aldebert said the board could replace Huang if necessary. The harder question is whether any individual could replace everything Huang represents to the company.
“The problem is not the affair. It is the vacuum around the man,” Aldebert said.
If Jensen Huang left abruptly, Aldebert said, the company’s first task would be maintaining stability rather than immediately finding another visionary founder.
“If it came to that, the first job is continuity: keep shipping, keep customers calm, keep investors informed,” he said.
Ultimately, the solution to Nvidia’s succession challenge may not be finding another Jensen Huang. It may be creating a leadership structure that does not require one person to fill his entire role.
“What matters most is showing the market that Nvidia is a business, not a person,” Aldebert said.
Contact Newsweek editors on this story: Samantha Beech and Dave Siminoff.
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