Businessupdated 25m ago2 min read
Archive photo · 6 February 2025Scott Bessent Urges Nvidia Board to Hire Outside CEO After Jensen Huang Resignation
“Bessent questioned whether Nvidia's alleged export compliance failures were isolated incidents or reflected deeper problems within the company.”
“The company has retained external legal counsel to conduct a thorough internal investigation,’ it said in an emailed statement.”
Photo: United States Department of the Treasury / US federal government, Public domain · Cropped for layout
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
Scott Bessent urged Nvidia to appoint an external CEO rather than internal candidate. He linked the shake-up to Huang's resignation amid an internal probe and export concerns.
Save coverage image
Bessent demands outsider CEO
United States Treasury Secretary Scott Bessent publicly called on November 15 (local time) for Nvidia’s board to seek a successor to former CEO Jensen Huang from outside the company, as the board faces management overhaul calls amid allegations involving Nvidia’s advanced semiconductors and China. Bessent told Fox News’ Sunday Morning Futures, “A major overhaul is necessary,” and he added, “I believe the board and external legal advisors should provide answers within ten days.”
“I believe the board and external legal advisors should provide answers within ten days.”
Bessent questioned whether Nvidia knowingly pushed sales of advanced chips to China despite risks, and he asked, “Did they push sales that appeared illegal to inflate revenue and profits?” Bessent said the board should look beyond internal ranks for Huang’s successor, and Al Jazeera reported his argument that “they need a dramatic shake-up.”
Megaspeed and export compliance
Megaspeed said Chinese businesswoman Alice Huang left the company effective Aug. 30, 2025, and Megaspeed also announced an internal investigation led by outside lawyers after scrutiny over alleged transfers of advanced Nvidia chips to Chinese companies.
Megaspeed told The Associated Press that it runs a “legitimate and lawful business” and said it was aware of media reports containing claims about its business, supply chain and global operations “that are not supported by verifiable evidence.”
Bessent argued that the key question was whether Nvidia had a “culture of compliance around the U.S. export restrictions,” and he said, “We will see if Nvidia intentionally ignored the warning signs of these shell companies, many of them in Singapore.”
Bessent also said, “We have all the rules we need,” and he rejected calls to codify the chip export restrictions in law while the board searches for a permanent chief executive officer.
Return talk and next steps
Silicon Valley figures pushed for Jensen Huang’s return as Nvidia’s board conducts an independent investigation, and the Financial Times reported that Huang discussed the possibility with close aides. Bessent’s outsider-leadership push ran alongside reports that shareholders and executives were open to Huang’s comeback, including a public letter on the 13th from Brad Gerstner and Gavin Baker saying, “Keep all options open, including Huang’s return.”
Nvidia named CFO Colette Kress as interim CEO, and the company said it would consider both internal and external candidates as it initiated a search for a permanent chief executive officer. Bessent said the board and outside counsel should provide answers within 10 days, and he framed the compliance issue as one that could require leadership changes if Nvidia had failed to comply like a bank under the Office of the Comptroller of the Currency.