OpenAI appoints Nubank CEO David Vélez and BNY CEO Robin Vince to boards as IPO nears

OpenAI announced the appointment of longtime financial executives David Vélez and Robin Vince to both its nonprofit and for-profit boards of directors, as the company moves closer to a potential initial public offering.

• David Vélez is CEO of Nubank, the largest digital bank in Latin America.
• Robin Vince is CEO of BNY, the financial services company.

In a statement released Tuesday, OpenAI said the pair will bring "complementary perspectives on how technology can reshape industries and drive economic growth."

IPO Preparations

The appointments come as OpenAI, valued at more than $850 billion, prepares for a potentially massive IPO. The company confidentially filed its prospectus with the Securities and Exchange Commission in June, though it has not disclosed an official timeline for its market debut.

Recapitalization and Structure

In October, OpenAI completed a recapitalization that solidified its structure as a nonprofit, called the OpenAI Foundation, which holds a controlling stake in its for-profit business, the OpenAI Group PBC. At the time, the company stated the nonprofit's equity was valued at approximately $130 billion, and has since described the organization as one of the most well-resourced nonprofits in the world.

Board Composition

Bret Taylor, chair of the OpenAI Foundation and OpenAI Group PBC Boards, said in a statement:

"David and Robin are exceptional leaders who have used technology to reshape financial services and expand opportunity at global scale. Their experience will be invaluable as OpenAI serves more businesses and people around the world, working to ensure AI benefits everyone."

Vélez and Vince will serve alongside existing board members, including:

• Bret Taylor (former co-CEO of Salesforce)
• Sam Altman (OpenAI CEO)
• Adam D'Angelo (CEO of Quora)
• Dr. Sue Desmond-Hellmann (longtime healthcare executive)
• Zico Kolter (professor at Carnegie Mellon University)
• Paul Nakasone (retired U.S. Army General)
• Adebayo Ogunlesi (co-founder of Global Infrastructure Partners)
• Nicole Seligman (former Sony executive)

Zico Kolter is the only board member who does not serve on the for-profit board. OpenAI stated in October that within a year of the recapitalization, a second foundation director would transition to "serving exclusively on the Foundation Board and as a non-voting observer to the Group board."

Historical Context

Altman was briefly ousted as CEO in 2023, when the previous board determined he was "not consistently candid in his communications." He rejoined the company after several days of negotiations and was reinstated to the board in March 2024.

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