Nvidia CEO Jensen Huang has resigned following controversies surrounding him. The company's chief financial officer, Colette Kress, will replace him on an interim basis.
Huang admitted to cheating on his wife Lori with a former executive at the Singapore-based Megaspeed company, who American authorities concluded was working for Chinese intelligence.
The company she worked for purchased chips from Nvidia and was investigated on suspicion of helping China obtain advanced chips subject to American export restrictions.
Nvidia's board of directors announced an independent investigation into allegations that Huang was the target of a foreign intelligence effort. The company said at this time it has no reason to believe that its secrets or U.S. national security were compromised.
Following the board's announcement of Huang's resignation, the company's stock plunged more than 10 percent in early trading on the New York Stock Exchange.
Since the affair was published, the company has lost more than $500 billion in its market value.