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Updated March 1st, 2024 at 12:10 IST

OpenAI set to appoint new board members amid regulatory scrutiny

OpenAI's decision to revamp its board comes amid ongoing investigation by the US SEC into the company's internal communications.

Reported by: Business Desk
Sam Altman to return as OpenAI CEO
OpenAI board members announcement | Image:Sam Altman
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OpenAI board: ChatGPT parent OpenAI is set to name several new board members in March, according to a report by the Washington Post citing a knowledgeable source. The move comes as a resolution to a period of uncertainty triggered by the dismissal of former CEO Sam Altman by the company's former board in November. Despite Altman's subsequent return, OpenAI has been working on restructuring its leadership, with former Salesforce co-CEO Bret Taylor stepping in as chair of the initial board.

The impending appointments are part of OpenAI's efforts to fortify its governance structure and diversify its expertise across various fields, including technology, safety, and policy, according to the report. The new board members are expected to play a crucial role in steering the organisation toward its strategic goals and fostering stability in its operations.

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OpenAI's decision to revamp its board follows an earlier report by the Wall Street Journal revealing an ongoing investigation by the US Securities and Exchange Commission (SEC) into the company's internal communications. The SEC probe centers on whether OpenAI misled its investors, particularly in the aftermath of Altman's dismissal and subsequent reinstatement.

While the SEC investigation adds another layer of complexity to OpenAI's challenges, the company has been actively engaged in addressing the fallout from the leadership turmoil. In addition to the regulatory scrutiny, OpenAI is also facing competition inquiries in both the US and Europe regarding its relationship with Microsoft, a key investor and commercial partner.

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As part of the efforts to restore confidence and transparency, OpenAI has commissioned a review of the events surrounding Altman's firing and subsequent return, according to the WSJ report. Conducted by the law firm WilmerHale, the review is expected to provide insights into the board's decision-making process and Altman's conduct during the period of upheaval.

(With Reuters inputs.)

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Published March 1st, 2024 at 12:10 IST

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