OpenAI investors are scrambling to reinstate Sam Altman as OpenAI's CEO before the opening bell on Monday: reports

Lloyd Lee,Hannah GetahunNov 20, 2023, 05:27 IST

Business Insider

OpenAI CEO Sam Altman at the company's first developer conference.Justin Sullivan/Getty Images

OpenAI investors are pushing to reinstate Sam Altman, according to Bloomberg and The Wall Street Journal.
On Friday, Altman, co-founder of OpenAI, was abruptly removed from his role as CEO.

OpenAI investors are pushing to reinstate Sam Altman as CEO a day after the company's board of directors ousted him from the position, according to Bloomberg and The Wall Street Journal.

The Verge reported that Altman is presently in the "final stretch" of negotiations and has set a deadline for 5 p.m. PT to resolve the situation — Microsoft, the largest OpenAI investor, wants the negotiations done before this week's stock market opening.

People familiar with the discussions told Bloomberg and The Journal that investors are pressuring the OpenAI's board to reinstall Altman. Some of the investors, including Thrive Capital, have also approached Microsoft, Bloomberg reported.

Complimentary Tech Event

Transform talent with learning that works

Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

On Friday, Altman, co-founder of OpenAI, was removed from his role as CEO, blindsiding many within the company and Microsoft.OpenAI's board said in a Friday statement that it "no longer has confidence in his ability to continue leading" the company and that Altman was "not consistently candid in his communications."Altman has set conditions for his return, including a demand for a new board, per the Verge.Other OpenAI players who want the board to resign and Altman to resume his position include interim CEO Mira Murati, Chief Strategy Officer Jason Kwon, and Chief Operating Officer Brad Lightcap, per Bloomberg.But negotiations hit a snag when the parties tried to pick new board members.Former co-CEO of Salesforce Inc., Bret Taylor, will be on the board, per Bloomberg. Executives from Microsoft are other possible board options.Another option he's mulling over is starting a new company with former OpenAI employees, according to the report. The Information reported earlier on Saturday that Altman was planning a new artificial intelligence venture.Spokespersons for OpenAI, Microsoft, and Thrive Capital did not immediately return a request for comment.Altman's firing sent immediate shockwaves within the tech world.With Altman out of the company, Murati, OpenAI's chief technology officer and a former Tesla employee, was appointed interim CEO.Hours after the announcement, Greg Brockman, OpenAI's president and co-founder, said that he was stepping down from his position."Sam and I are shocked and saddened by what the board did today," Brockman wrote on X, formerly known as Twitter, on Friday evening. Others have also stepped down.Brockman is also in discussions with board members to return to the AI startup, two people familiar with the matter told The New York Times.

Cookies on the Business Insider India website

OpenAI investors are scrambling to reinstate Sam Altman as OpenAI's CEO before the opening bell on Monday: reports