November 15, 2026
US Treasury Secretary Scott Besent called for a radical change in the senior leadership of NVIDIA companies, calling on the board of directors to search for new leadership from outside the company, following the ouster of CEO Jensen Huang.
Picent’s statements came during an interview with the “Sunday Morning Futures” program on the “Fox News” network, and were reported by “Bloomberg” agency, where he stressed the need for the Board of Directors to use a candidate from outside “NVIDIA” to lead the next stage in light of the rapid developments and the current crisis facing the company.
The Treasury Secretary demanded formal clarifications within the next ten days from the company’s board of directors and the external legal counsel investigating the case on whether NVIDIA had deliberately ignored warning signs related to shell companies – most of which are registered in Singapore, such as Megaspeed International – suspected of being used to transfer advanced artificial intelligence chips to China bypassing US restrictions, and whether this was done to boost revenues and profits.
In this context, Besant held Commerce Secretary Howard Lutnick and his ministry responsible for not including Megaspeed on the US trade restrictions list, noting that the Treasury Department was in favor of taking strict measures against it.
It is noteworthy that the “NVIDIA” crisis escalated following the revelation of Jensen Huang’s relationship with Alice Huang, the founder of “Megaspeed,” which American agencies suspect of being connected to Chinese intelligence (which Beijing denied), in addition to reports published by the “New York Times” newspaper revealing another relationship of Huang with Kimberly Powell, “NVIDIA’s” vice president for healthcare affairs, which raised deep questions about governance, conflicts of interest, and the company’s internal culture.
These developments led to the Board of Directors of NVIDIA opening an independent investigation, and the departure of Hwang, who co-founded the company in 1993 and led it to become a global giant in the artificial intelligence chip sector, with CFO Colette Kress temporarily assuming the position of CEO amid increasing pressure from Congress related to national security and foreign export control.
