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Nvidia’s board is preparing to oust co-founder and CEO Jensen Huang and could meet imminently to decide his future, media outlets, led by the Wall Street Journal, reported on Wednesday.

Huang has led the company for more than three decades, turning it from a gaming chipmaker into the dominant supplier of chips for artificial intelligence.

Why is Nvidia’s board considering replacing Huang?

The report comes as Nvidia investigates whether Huang was targeted by a foreign intelligence effort after reports of an affair with a woman US intelligence reportedly identified as a Chinese intelligence asset. The New York Times reported Wednesday that Huang also had an affair with an Nvidia executive who reported to him.

News that Nvidia might part ways with Huang sent the company’s shares down about 8% in after-hours trading.

A reporter for the financial news outlet Bloomberg said on X that Nvidia’s board was working with an outside firm to identify potential successors and considering an interim CEO while it searched for a permanent replacement.

What has Huang said?

Huang acknowledged in a note to employees that he had been unfaithful to his wife. He did not publicly name the woman. The New York Times identified her as Alice Huang, a former executive at Singapore-based data center company Megaspeed who is not related to him. Beijing rejected the espionage allegation.

Shareholders sued Nvidia and Huang on Monday in a proposed class action, accusing them of concealing the alleged relationship and the risks it posed to the company.

What do we know about the second alleged affair?

The New York Times identified the Nvidia executive as Kimberly Powell, the company’s vice president of health care. Asked about the relationship, Huang told the newspaper, “I don’t think you should be talking to me directly,” before ending the call.

Nvidia and Powell did not immediately respond to requests for comment, Reuters reported.