KEY TAKEAWAYS
- Chat GPT maker OpenAI said Sam Altman will return as its CEO with a restructured board.
- The change comes just days after OpenAI's board dismissed Altman and he was hired by Microsoft.
- Microsoft,OpenAI's largest shareholder,said it welcomed the decision.
Chat GPT maker OpenAI said Sam Altman will return as its CEO, just days after the startup's board dismissed him and he was hired by Microsoft (MSFT).
Along with Altman's reinstatement, OpenAI's board is being reformed, the startup said in an X post Wednesday. Bret Taylor, former co-CEO at Salesforce, will become chair of the new board, and former U.S. Secretary of the Treasury Larry Summers will also join. Quora co-founder and CEO Adam D’Angelo, who was on OpenAI's board previously, will remain.
Microsoft CEO Satya Nadella welcomed the decision, saying in an X post that this was a "first essential step on a path to more stable, well-informed, and effective governance" at OpenAI. Microsoft is OpenAI's largest shareholder, with a stake of roughly 49%, and has invested billions into OpenAI amid a boom in demand for AI tools.
The move to bring Altman back to OpenAI comes after hundreds of OpenAI employees threatened to quit their jobs, demanding Altman's reinstatement and the resignation of the board that dismissed him. Microsoft also offered to hire and match compensation for any resigning OpenAI members.
Microsoft shares were up over 1% in early trading Wednesday following the news. They had dropped at Altman's ouster and then surged to a record high after he was hired.
