OpenAI announced on Tuesday that Adebayo Ogunlesi, a senior managing director at BlackRock, will be joining its board of directors.
This move comes as part of OpenAI’s shift towards a for-profit structure.
Ogunlesi is the founding partner of Global Infrastructure Partners, an infrastructure investment firm that BlackRock acquired last year for $12 billion.
Prior to his work with GIP, Ogunlesi spent 23 years at Credit Suisse.
“The rapid advancement and development of AI offers a unique opportunity to build a better future,” Ogunlesi said in OpenAI’s announcement Tuesday. “As part of this, thoughtful strategies and investment in infrastructure will be key to unlocking AI’s full potential and delivering its benefits responsibly. I’m excited to contribute to this effort and look forward to being a part of the OpenAI Board.”
The addition of Adebayo Ogunlesi to OpenAI’s board signifies another milestone in the company’s shift to a for-profit structure. Since late 2023, the board has undergone significant changes, notably with the abrupt ousting and swift reinstatement of CEO Sam Altman. This restructuring reflects OpenAI’s evolving direction as it increasingly aligns with profit-driven goals.
Following the November 2023 upheaval surrounding Sam Altman’s ousting, former Salesforce co-CEO Bret Taylor, who had previously served as chairman of Twitter before its acquisition by Elon Musk, became the chair of OpenAI’s board.
Alongside him, former Treasury Secretary, Larry Summers joined the board.
In addition, OpenAI expanded its board in 2023 by bringing on new members such as Fidji Simo, CEO of Instacart, and Dr. Sue Desmond-Hellmann, former CEO of the Bill & Melinda Gates Foundation (now known as the Gates Foundation).
These additions reflect OpenAI’s growing emphasis on leadership and expertise in its shift toward a for-profit model.
OpenAI, originally founded as a nonprofit in 2015, announced in late December that it will establish a public benefit corporation to oversee its commercial operations.
This shift will lift some of its nonprofit constraints, enabling the company to operate more like a high-growth startup.
Last year, OpenAI’s valuation reached $157 billion as it advanced the development of updated large language models and introduced new tools, continuing to drive the generative artificial intelligence boom that began in late 2022.
OpenAI said that by transitioning into a Delaware Public Benefit Corporation with ordinary shares of stock, it can pursue its commercial operations while maintaining a separate nonprofit arm focused on charitable activities in healthcare, education, and science.
This move, outlined in December, allows OpenAI to balance its profit-driven and nonprofit missions.
However, Elon Musk, one of OpenAI’s co-founders, is suing the company in an attempt to block its transition into a full for-profit business.
