OpenAI taps Nubank, BNY CEOs for boards as $850B IPO nears
OpenAI has appointed the CEOs of Nubank and BNY to its dual boards, adding financial heavyweights to its governance structure as the $850 billion company prepares for a public listing.
OpenAI has named David Vélez and Robin Vince to the boards of both its nonprofit foundation and its for-profit arm. Vélez leads Nubank, the largest digital bank in Latin America, while Vince is the CEO of BNY.
The appointments signal a deliberate shift toward financial and operational rigor as the artificial intelligence company moves closer to a public debut. Bringing in executives from heavily regulated, large-scale financial institutions addresses a critical gap for a company historically led by tech executives.
OpenAI is currently valued at more than $850 billion and confidentially filed a prospectus with the Securities and Exchange Commission in June. The company finalized a recapitalization in October, establishing the OpenAI Foundation as a nonprofit with a controlling stake in the OpenAI Group PBC. Under that structure, the nonprofit's equity was valued at roughly $130 billion.
Bret Taylor, chair of both boards, said the new directors offer "complementary perspectives on how technology can reshape industries and drive economic growth." Taylor added: "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 join a board that includes OpenAI CEO Sam Altman, Quora CEO Adam D'Angelo, and Taylor. The roster also features retired U.S. Army General Paul Nakasone, Global Infrastructure Partners co-founder Adebayo Ogunlesi, former Sony executive Nicole Seligman, longtime healthcare executive Dr. Sue Desmond-Hellmann, and Carnegie Mellon University professor Zico Kolter.
The expanded board reflects a governance overhaul following a turbulent period. Altman was briefly ousted in 2023 after previous directors determined he was "not consistently candid in his communications," though he returned after days of negotiations and rejoined the board in March 2024. Under the new structure, Kolter is currently the only director serving exclusively on the foundation board, though OpenAI said a second director will transition to that role within a year of the October recapitalization.
