Jensen Huang is done running Nvidia. The billionaire who co-founded the chip giant has stepped down as its CEO.

The move follows his affair with a woman said to be a Chinese government spy. Reports of a second affair surfaced this week.

The board's statement

Nvidia's Board of Directors said Huang has given up his titles as president plus chief executive. He is also leaving his seat on the board. All of it is "effective immediately," the board said.

Colette Kress will run the company as Interim Chief Executive Officer. She will hold the job until a permanent pick is found.

Kress had been Nvidia's Executive Vice President plus its Chief Financial Officer. She has close to 25 years of finance experience at big tech firms like Cisco and Microsoft.

Two affairs

Huang recently owned up to the first affair. That woman, Alice Huang, is said to be an agent for the Chinese government. The two are not related.

He confessed to stepping out on his wife of four decades once the story broke on October 28.

Then on Wednesday came word of a second relationship, according to reports. That woman was identified as Kimberly Powell. She runs health care at Nvidia as a vice president.

A fast exit

Nvidia had opened an investigation into Huang under its code of conduct. Those rules tell employees to "avoid situations where our actions create conflict," including "personal relationships."

The board was said to be meeting Wednesday to talk about removing him over the affairs. A class action lawsuit has also been filed against the company over the scandal.

It appears Huang was given the chance to resign instead. He took it.