Every single corporate on the planet should be looking at its board composition and corporate governance structure to figure out just how vulnerable they may be. OpenAI’s self-immolation should be a lesson.
“I deeply regret my participation in the board’s actions. I never intended to harm OpenAI. I love everything we’ve built together and will do everything to re-unite the company.” Thus spake Ilya Sutskever, OpenAI’s chief scientist. He told Co-founder and CEO Sam Altman to sling his hook on Friday, hired a replacement on Sunday, and pleaded with the board to take Altman back and sack themselves on Monday. So much for board level consistency.
Readers might prefer if I was writing about serious finance this morning; like the UK’s autumn statement and likely tax-bribes to the electorate, the fact Joe Biden turned 81 yesterday – but looks and sounds older, or what the Fed, BoE and ECB might be thinking… but who can resist watching a train wreck!
The effective corporate suicide of OpenAI has serious implications across the global economy – there are lessons every single corporate board on the planet should be considering. Does the board understand their role, and do they understand their business and employees? Open AI’s Board has failed on all counts.