Following Huang Renxun’s departure, two prominent technology investment firms on Wall Street jointly addressed an open letter to NVIDIA’s board of directors, urging the board not to rush the succession process and to preserve the option for Huang’s potential return.
The letter was authored by two influential figures in Silicon Valley and Wall Street:
Brad Gerstner, CEO of Altimeter Capital, which has invested in ByteDance, Pinduoduo, Uber, and Snowflake;
Gavin Baker, managing partner and chief investment officer at technology-focused hedge fund Atreides Management.
The letter concluded with electronic signatures. Gerstner subsequently shared it publicly on social media platforms.
This letter stands as a masterclass in the art of restrained yet pointed influence—what might be termed Wall Street’s “gentle but firm” communication style.
On the surface, the tone is courteous: the authors begin by addressing “Dear NVIDIA Board of Directors,” then clarify they are writing solely as ordinary shareholders, advancing only a “simple request” on behalf of a broad base of investors.
Yet beneath this veneer of formality lies a clear and direct message: do not act hastily. Slow down the search for a successor. Keep the door open for Huang’s return.
The letter emphasizes that given Huang’s long-standing record of exceptional leadership, and the significant uncertainty surrounding his departure, the board should proceed with “calm, careful, and thorough” deliberation on future leadership, while maintaining all options—including the possibility of Huang’s reappointment.
Even more strategically, the letter dismantles the most common justification used by boards seeking a swift replacement: the need to stabilize the company immediately, lest it be left leaderless.
Gerstner and Baker directly counter this rationale by specifically praising Colette Kress, NVIDIA’s CFO, and her team, noting their steady interim leadership during the transition period. The authors assert that the board has ample time to make a well-considered decision—there is no pressing need to replace leadership hastily. In one stroke, the letter reassures stakeholders while eliminating the board’s most convenient excuse for a rushed change.
At the conclusion, the authors take the “polite warning” to its logical extreme:
If, after all facts are fully examined, the board determines that Huang’s return would not serve shareholders’ best interests, then such a decision falls within the board’s authority. But until those facts are fully known, as founder and long-time steward of this exceptional company, Huang deserves careful consideration—and must not be replaced without just cause or undue haste.
While formally acknowledging the board’s prerogative, the underlying implication is unmistakable: this letter outlines the “minimum acceptable standard” the board owes shareholders in navigating the current crisis. To fall short of this benchmark would constitute failure.
For those familiar with the history of Silicon Valley tech, the scene evokes strong déjà vu.
When Steve Jobs left Apple, he was later brought back during the company’s darkest hour to lead its revival;
More recently, when OpenAI’s board abruptly ousted Sam Altman in the middle of the night, investor and employee pressure led to his swift reinstatement within days.
Now, a similar narrative unfolds at a semiconductor giant—but this time, the voices setting the tone are not idealists, but major institutional investors with substantial stakes in the company.
In the tech industry, founders often possess an irreplaceable intangible synergy with their companies. While boards hold formal authority over appointments, markets and capital ultimately vote for the individuals who transformed companies from nothing into global powerhouses.
Gerstner concluded his post with a single word: “Keep moving forward.” Whether NVIDIA will forge ahead into a new chapter—or turn back to bring its founding leader home—will ultimately depend on how seriously the board weighs the weight behind this open letter.
Original: toutiao.com/article/1881828184764544/
Disclaimer: The views expressed in this article are those of the author alone.