NVIDIA CEO Search: Board Says No Candidate Formally Engaged

"We are in the process of selecting a search firm for the NVIDIA CEO role," the board said, adding that any speculation about individual candidates, internal or external, "is premature." Reuters carried the same statement alongside the Financial Times report that the board had approached Arm Holdings CEO Rene Haas.

What the Board's Statement Changes

The board did not deny the FT account, and it did not name Haas. It said no candidate has been formally engaged, which leaves room for informal contact. What the statement does soften is the sense, as Voltgrid reported, that a shortlist was already being worked: with no search firm in place, a structured process has not started. The FT said Haas is one of several candidates and that there is no guarantee he would be offered the job or accept it. Arm declined to comment, and Reuters said it could not independently verify the FT report.

Where the NVIDIA CEO Search Stands

Jensen Huang stepped down as CEO on Nov. 12, and CFO Colette Kress became interim chief executive. NVIDIA said then that the board would consider internal and external candidates, and CNBC repeated that on Nov. 13. The board has given no timeline for naming a successor.

The pressure on the board is visible in the market. CNBC reported that NVIDIA shares fell more than 2% on Nov. 13 and pushed the company's market value below $4 trillion. Reuters put the close at about 2% lower, with the week's losses at about $573 billion, and Arm's US-listed shares down about 5%. Reuters also cited a Wired report that an internal NVIDIA post urging the board to weigh employee sentiment had drawn more than 1,600 comments, several calling for Huang's return. NVIDIA did not immediately respond to Reuters on that report.

For customers and supply partners, the practical question is how long the interim arrangement lasts. A board that has not yet hired its adviser is some way from a decision, so Kress is likely to present NVIDIA's third-quarter results, which the company has scheduled for Nov. 17. That reading is ours: neither the board nor Reuters has said when a decision will come. Reuters noted that some analysts expect the next CEO to run NVIDIA less as the hands-on "chief conductor" Huang was, a shift that would matter for how roadmap and export-policy decisions are made.

The board is also handling a separate independent inquiry. CNBC reported that NVIDIA retained Wachtell Lipton to investigate allegations that Huang was the target of a foreign intelligence effort, and that three House committees and the Senate Banking Committee have asked Huang to brief them. A permanent CEO will inherit those probes.

What Is Not Confirmed Yet

Neither NVIDIA nor Arm has confirmed that Haas was approached, and the FT's sourcing is anonymous. It is not known which search firm the board will choose, when it will choose one, or who is on the list. The board's statement covers formal engagement only, so whether any informal conversations took place is unanswered. Watch the Nov. 17 earnings call for any word from Kress or the board on timing.