OpenAI has announced that Adebayo Ogunlesi from BlackRock is joining its board, marking a significant shift in the company’s direction.
Washington: So, OpenAI just announced that Adebayo Ogunlesi, a big shot at BlackRock, is joining their board. This is part of their shift to a for-profit model.
Ogunlesi is a founding partner of Global Infrastructure Partners, which BlackRock bought for a whopping $12 billion last year. Before that, he spent over two decades at Credit Suisse.
He mentioned that AI is moving fast and presents a chance to create a better future. He believes that smart strategies and infrastructure investments are crucial for AI to reach its full potential. Ogunlesi is excited to be part of OpenAI’s journey.
This change comes as OpenAI is transforming into a for-profit company. The board has seen a lot of new faces since late 2023, especially after the drama with CEO Sam Altman.
Former Salesforce co-CEO Bret Taylor is now chairing the board, and Larry Summers, a former Treasury secretary, joined around the same time. They’ve also added other notable figures like Instacart’s CEO and the ex-CEO of the Gates Foundation.
OpenAI started as a nonprofit back in 2015, but they’re now creating a public benefit corporation to manage their commercial side. This will help them operate more like a startup while still keeping a nonprofit arm for charitable work.
Last year, OpenAI was valued at $157 billion, thanks to its innovative AI models and tools that kicked off the generative AI trend in late 2022.
They’re making this shift to a Delaware PBC, which allows them to pursue commercial goals while still having a nonprofit side for health, education, and science initiatives.
Interestingly, Elon Musk, one of OpenAI’s co-founders, is trying to block this full transition to a for-profit model.
Ogunlesi also holds board positions at several other companies, including BlackRock and Topgolf.
