Summary
NVIDIA Corporation (NVDA) filed an 8-K report on January 15, 2009, to disclose a significant event concerning its Board of Directors. Dr. Steven Chu, a current board member, has been nominated by President-elect Barack Obama to serve as the United States Secretary of Energy. The filing indicates that Dr. Chu has advised the company that he will resign from NVIDIA's board, effective upon his confirmation by the U.S. Senate and subsequent assumption of the Secretary of Energy role. This departure, while due to public service, will reduce the size of NVIDIA's board by one member.
Key Highlights
- 1Dr. Steven Chu, a NVIDIA board member, has been nominated for U.S. Secretary of Energy.
- 2Dr. Chu's resignation from the NVIDIA board is contingent upon Senate confirmation for the Secretary of Energy position.
- 3The effective date of Dr. Chu's resignation will be upon his assumption of office as Secretary of Energy.
- 4This event signifies a change in NVIDIA's board composition, with a reduction of one director.
- 5The reason for the departure is a commitment to public service.