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Sam Altman officially returns to OpenAI as Microsoft finally joins board

Sam Altman addressed his employees in a company memo on Nov. 29, marking his official return to the top leadership position at OpenAI.

Sam Altman, one of the founders of OpenAI, has officially returned to office as the firm’s CEO, ending a whirlwind few weeks caused by his abrupt and unexpected temporary departure. 

Addressing OpenAI employees in a company memo made public on Nov. 29, Altman confirmed that interim CEO Mira Murati will step down from her position and return to her previous role as chief technology officer.

Altman also revealed a new initial board, chaired by Salesforce CEO Bret Taylor, along with Larry Summers, who previously served as the United States Secretary of the Treasury, and Adam D’Angelo, the CEO of social question-and-answer website Quora. D’Angelo was on OpenAI’s board before the saga that unfolded in mid-November. Greg Brockman will also resume his role as OpenAI’s President.

"I have never been more excited about the future. I am extremely grateful for everyone’s hard work in an unclear and unprecedented situation, and I believe our resilience and spirit set us apart in the industry. I feel so, so good about our probability of success for achieving our mission," said Altman to employees.

Microsoft gets non-voting seat on OpenAI board

Altman revealed that Microsoft will also be included as a non-voting observer on the new board. 

"We clearly made the right choice to partner with Microsoft and I’m excited that our new board will include them as a non-voting observer," he said. 

A board observer is an individual who is permitted to attend and participate in meetings of the board of directors, but as implied, has no voting rights, acting more as an advisor. 

Microsoft initially wasn't expected to be offered a seat by OpenAI, according to a Nov. 29 report by Reuters, which cited a person familiar with the matter.

This is despite Microsoft having invested $13 billion into OpenAI, the creators of ChatGPT, across several deals dating back to 2019.

Related: OpenAI halts new ChatGPT Plus sign-ups amid high demand

Looking ahead, Altman said he would be focused on advancing the firm’s research plan, improving its products, and better serving customers as the top three priorities for his (technically) second stint as CEO.

In the same official announcement, Taylor stressed OpenAI will "enhance the governance structure," and put together "an independent committee of the Board to oversee a review of the recent events," in effort to provide more stability to the firm. He hopes Microsoft's addition to the board will help steady the ship.

"From technology to safety to policy [...] we are pleased that this Board will include a non-voting observer for Microsoft," he said.

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Goldman Sachs still open to crypto hires amid massive 3,200 staff cut

Goldman Sachs digital asset lead Mathew McDermott said the bank remains “hugely positive” on exploring blockchain applications.

Goldman Sachs’ digital assets unit is reportedly open to bolstering its 70-strong team, despite a massive cost-cutting exercise at the firm last month that will see 3,200 employees clear their desks.

Mathew McDermott, global head of digital assets for Goldman Sachs, said the bank remains “hugely supportive” of exploring blockchain applications and that the digital asset division will hire “as appropriate” this year.

The executive made the comments in Hong Kong to Bloomberg last week, noting that the digital assets team has grown from just four staff members in 2020 to around 70 today.

The firm’s supposed openness to beef up its crypto team comes despite the firm cutting up to 3,200 jobs last month, its largest round of layoffs since the global financial crisis of 2008-2009.

The cuts have reportedly impacted senior, middle and junior-level executives and concentrated on its core trading and banking units, according to a person with knowledge of the matter.

In a presentation during Goldman Sachs' 2023 Investor Day in New York, CFO Denis Coleman reportedly said part of the payroll cuts will also involve holding off on replacing departing employees this year, so it can instead focus on “prioritizing strategic hires.”

Related: Crypto layoffs decelerate, with layoffs falling to 570 in February

In December, McDermott said the firm was seeing opportunities to buy crypto companies that are “priced more sensibly” after the collapse of crypto exchange FTX, adding that they are already doing its due diligence on some crypto firms.

He noted that while FTX was a “poster child” of the space, ultimately, the underlying tech behind the industry “continues to perform.”

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