Jensen Huang has stepped down as chief executive officer of Nvidia, ending his 33-year leadership of the American chipmaking company amid a series of controversies that have raised concerns about corporate governance and national security.

The company’s board announced his immediate departure on Thursday, with Chief Financial Officer Colette Kress appointed interim CEO pending the selection of a substantive replacement. Kress will retain her financial responsibilities while the board considers both internal and external candidates.

Former Synopsys chief executive Harvey Jones has also been appointed as Nvidia’s first-ever board chairman as part of the leadership restructuring.

Huang’s exit comes amid growing scrutiny over reports of his alleged relationships with two women, including Alice Huang, a Chinese business executive suspected by US intelligence of having links to Beijing, and Kimberly Powell, an Nvidia vice-president who reportedly reports directly to him.

Huang had earlier acknowledged being unfaithful to his wife and apologised to his family, employees and business associates, promising to rebuild their confidence.

The controversy has also attracted the attention of US lawmakers, with congressional committee leaders requesting a closed-door briefing from Huang on his interactions with Alice Huang and the company’s safeguards against foreign intelligence activities.

The New York Post reported that the controversy had contributed to a significant decline in Nvidia’s market valuation, with approximately $450 billion reportedly wiped off its value amid investor concerns over the leadership crisis.

Huang co-founded Nvidia in 1993 and transformed it into one of the world’s most valuable technology companies, with its graphics processing units playing a central role in the global artificial intelligence industry.