OpenAI has appointed two veteran financial services executives to its nonprofit and for-profit boards of directors, strengthening its leadership as the artificial intelligence company moves closer to a potential initial public offering.
David Vélez, chief executive of Latin America's largest digital bank Nubank, and Robin Vince, chief executive of financial services company BNY, have joined the boards, OpenAI announced on Tuesday.
"David and Robin bring complementary perspectives on how technology can reshape industries and drive economic growth.
"Both have led global institutions through significant technological and market change, pairing ambitious innovation with disciplined governance, resilience, and a focus on creating durable value for the people who use their services.
"They also bring perspectives that will strengthen the work of the Foundation. Both have strong commitments to philanthropy and nonprofit leadership across healthcare, education, and the arts, as well as decades of experience building institutions that expand access and economic opportunity. "
The move comes as OpenAI, which is valued at more than US$850 billion, prepares for a potential stock market listing. The company confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission in June but has not announced a timetable for its IPO.
OpenAI completed a recapitalisation in October that reinforced its structure as a nonprofit organisation, the OpenAI Foundation, which retains a controlling stake in its for-profit subsidiary, OpenAI Group PBC.
At the time, the company said the foundation's equity was valued at about US$130 billion, describing it as one of the world's best-resourced nonprofit organisations.
"David and Robin are exceptional leaders who have used technology to reshape financial services and expand opportunity at global scale," Bret Taylor, chair of the OpenAI Foundation and OpenAI Group PBC boards, said in the statement.
"Their experience will be invaluable as OpenAI serves more businesses and people around the world, working to ensure AI benefits everyone."
Vélez and Vince join an existing board that includes Taylor, OpenAI chief executive Sam Altman, Quora chief executive Adam D'Angelo, former healthcare executive Dr Sue Desmond-Hellmann, Carnegie Mellon University professor Zico Kolter, retired U.S. Army General Paul Nakasone, Global Infrastructure Partners co-founder Adebayo Ogunlesi and former Sony executive Nicole Seligman.
Kolter is the only director who serves solely on the OpenAI Foundation board rather than the for-profit entity. OpenAI said in October that, within a year of its recapitalisation, a second foundation director would transition to serving exclusively on the foundation board while acting as a non-voting observer to the Group board.
The appointments come nearly three years after Altman was briefly removed as chief executive in 2023, when OpenAI's previous board concluded he had been "not consistently candid in his communications".
Following several days of negotiations, Altman returned as chief executive and was reinstated to the board in March 2024.
