One of the reported relationships involved a Chinese businesswoman suspected by US authorities of spying for Beijing. Jensen Huang – founder of graphics-chip maker Nvidia – has stepped down as the company’s president, CEO and board member following reports of two alleged affairs.
His second stint also ended in November 2021 when he announced his resignation. Unlike his 2008 exit, his 2021 departure was announced as a decision he had made himself. Sachin and Binny Bansal founded Flipkart in 2007 as an online bookstore, turning it into one of India’s biggest e-commerce companies. In January 2016, Sachin stepped down as CEO and was replaced by Binny amid investor concerns over the company’s performance and strategy. Binny took over as group CEO but resigned in November 2018 following an independent investigation into allegations of personal misconduct. Walmart, which had acquired a 77% stake in Flipkart earlier that year, said the investigation found no evidence to substantiate the complainant’s claims but identified other lapses of judgement. Jerry Yang co-founded Yahoo with David Filo in 1994 and became its CEO in June 2007. Under pressure from investors and the board, Yang announced in November 2008 that he would step down as CEO once a successor was appointed. In January 2012, he resigned from Yahoo’s board and all other positions, ending his association with the company. Sam Altman, who co-founded OpenAI in 2015, was abruptly fired as CEO by the company’s board on November 17, 2023. After days of negotiations, OpenAI agreed to bring Altman back as CEO on November 21, with a reconstituted board. He officially returned on November 29, 2023. Join conversation Share your thoughts in the comments Be respectful · TOI community guidelines Travis Kalanick co-founded Uber in 2009 and built it into one of the world’s biggest ride-hailing companies. In 2017, Uber faced allegations of sexual harassment, workplace discrimination and a toxic corporate culture. In June 2017, five major investors, including Benchmark Capital, demanded his resignation.
In a statement, Nvidia said its board had selected current vice-president Colette Kress to serve as interim CEO until a permanent successor is appointed. The board is initiating a search for a permanent chief executive officer and will consider internal and external candidates,” the statement said. Explaining his departure, Dorsey said he believed Twitter was ready to move on from its founders. He remained on the board and returned to the role of “Chief Yahoo”. The board said he had not been consistently candid in his communications, affecting its ability to fulfil its responsibilities.
“Kress will continue to serve as executive vice-president and chief financial officer while serving as interim chief executive officer until a permanent successor has been named. The board appointed then CTO Parag Agrawal as his successor. Sachin remained executive chairman. He denied the allegations. His removal triggered an internal revolt, with hundreds of employees threatening to quit unless the board reinstated him. Microsoft, OpenAI’s biggest investor, also offered Altman a position to lead a new advanced AI research team. However, his aggressive leadership style and a series of controversies eventually cost him his job. An internal investigation led by former US attorney general Eric Holder recommended sweeping changes. The crisis deepened after a video surfaced showing Kalanick arguing with an Uber driver over fare cuts. He later apologised for his behaviour. Kalanick eventually stepped down as CEO, saying he had accepted the investors’ request. He remained on Uber’s board. Your child uses AI every day. But do they understand it? Find out in the TOI AI Masterclass.
In 2008, Yang rejected Microsoft’s $44.6-billion acquisition offer, arguing that it undervalued the company. The decision triggered criticism from shareholders, particularly after negotiations collapsed and Yahoo’s share price continued to fall.
Steve Jobs co-founded Apple with Steve Wozniak in 1976, starting the company from his family’s garage in California. In less than five years, Apple went public in 1981 as it rapidly grew into a major technology company. In 1983, Jobs recruited PepsiCo executive John Sculley as CEO. In 1984, Apple’s Macintosh debuted to rave reviews but disappointing sales, triggering internal tensions within the company. In the spring of 1985, Apple’s board backed Sculley and stripped Jobs of his leadership role in the Macintosh division. Apple eventually acquired NeXT in 1996, paving the way for his return. Jack Dorsey co-founded Twitter in 2006 alongside Biz Stone, Evan Williams and Noah Glass. He became the company’s first CEO in 2007, but his leadership came under criticism after the social media platform struggled with technical problems and questions over his management style. In 2008, Twitter’s board replaced Dorsey with fellow co-founder Evan Williams as CEO. However, Dorsey returned to Twitter as interim CEO in 2015 after Dick Costolo stepped down. He was appointed permanent CEO in September that year, while continuing to lead payments company Square, which he had co-founded in 2009.
Here is a look at founders who lost control of the companies they once founded. “Jensen’s contributions to Nvidia are profound. Nvidia is one of the most consequential technology companies in the world. The board and the company thank Jensen for his immeasurable contributions to the company and the industry,” it added. Huang’s exit adds another name to the list of tech founders who have been forced out of companies they built, following controversies, boardroom battles or internal differences. “Do you want to sell sugar water for the rest of your life, or do you want to come with me and change the world? Jobs famously asked him. Differences emerged between Jobs and Sculley over the computer’s performance, management style and Jobs’ demanding approach towards employees. Jobs had also built a separate team for the Macintosh, creating friction within the company. The differences eventually triggered a power struggle. Jobs left Apple later that year, going on to establish NeXT and invest in Pixar. Dorsey was moved to the position of chairman, effectively ending his operational control of the company.