OpenAI, the developer of the artificial intelligence (AI) model ChatGPT, has brought two finance executives with experience in listings and corporations risk management onto its board ahead of an initial public offering (IPO).
OpenAI said on the 21st (local time) that it appointed David Vélez, founder and chief executive officer (CEO) of Brazil's digital bank Nubank, and Robin Vince, CEO of Bank of New York Mellon (BNY), as independent directors of the OpenAI foundation and the corporation.
With the two joining, the number of OpenAI board members will increase from eight to 10.
OpenAI said the two new directors have experience using innovative technology to reshape industries and expand access and opportunity. New director Vélez founded Nubank, the largest digital bank in Latin America, in 2013. Previously, at finance corporations including Sequoia Capital, Goldman Sachs and Morgan Stanley, he oversaw investments in Latin America and in 2021 successfully listed Nubank on the New York Stock Exchange.
New director Vince worked at Goldman Sachs for 26 years, serving as chief risk officer (CRO) and chief operating officer (COO). He is expected to serve as Chairperson of the audit committee on the OpenAI board.
OpenAI board chair Bret Taylor said, "David and Robin are outstanding leaders who have used technology to reshape financial services and expand opportunity at a global scale," adding, "They will be a valuable asset to OpenAI as it works to ensure AI benefits everyone."
The appointments are seen as a move for OpenAI to begin full-fledged IPO preparations. They are expected to help the board streamline OpenAI's governance and manage issues that could pose risks during the listing process, including a lawsuit related to youth mental health and a conflict-of-interest controversy involving CEO Sam Altman.
OpenAI is structured so that a nonprofit foundation controls a public benefit corporation (PBC) that can pursue profit. Most OpenAI directors sit on both the foundation and corporation boards. Altman is the only inside director, and the rest are independent directors.