The board fires a CEO. The principal investor reinstates the CEO, who then fires the board. So, who is accountable to whom? Recent events at OpenAI, a company at the cutting edge of technology, are a story of corporate governance gone horribly wrong.
Most commentators seem to think that the problem was the flawed structure of OpenAI, one that combined profit and non-profit entities. OpenAI was set up as a non-profit to foster research in artificial intelligence (AI) in ways that are safe and would benefit humanity. Such research needs lots of capital, which wasn’t readily forthcoming. So, OpenAI created for-profit
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