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Sam Altman: Ousted OpenAI boss to return days after being sacked

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OpenAI co-founder Sam Altman will return as boss just days after he was fired by the board, the firm has said.

The agreement “in principle” involves new board members being appointed, the tech company added. It comes after  Altman was sacked on Friday triggering an open letter from staff who threatened to resign unless he was reinstated.

“I am looking forward to returning to OpenAI,”  Altman said in a post on X, formerly Twitter. He added: “I love OpenAI, and everything I’ve done over the past few days has been in service of keeping this team and its mission together. He added the firm would build on its “strong partnership with Microsoft.”

Last week, the board decided to remove  Altman, which led to co-founder Greg Brockman’s resignation, sending the star AI company into chaos.

The decision was made by the three non-employee board members, Adam D’Angelo, Tasha McCauley and Helen Toner, and a third co-founder and the firm’s chief scientist Ilya Sutskever. But on Monday Sutskever apologised on X, and signed the staff letter calling on the board to reverse course.

Microsoft, the biggest investor in OpenAI, then offered Altman a job leading “a new advanced AI research team” at the tech giant.

On Wednesday, OpenAI said it had agreed Mr Altman’s return to the tech company in principle, and that it would partly reconstitute the board of directors that had dismissed him.

Former Salesforce co-CEO Bret Taylor and former US treasury secretary Larry Summers will join current director Adam D’Angelo, OpenAI said.In a post on X,  Mr Brockman also said he would be returning to the firm.

Emmett Shear, who had been appointed OpenAI’s interim chief executive, said he was “deeply pleased” by Mr Altman’s return after about “72 very intense hours of work”. “Coming into OpenAI, I wasn’t sure what the right path would be,”he said on X,  but added that Mr Altman’s reinstatement “was the pathway that maximized safety alongside doing right by all stakeholders involved”.

Microsoft boss Satva Nadella said the firm was “encouraged by the changes to the OpenAI board”. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.” Microsoft has heavily invested in OpenAI, but its links do not extend to the boardroom.

The battle at the top of OpenAI began suddenly on Friday when the then board announced it was firing  Altman, saying it had “lost confidence” in his leadership. It accused him of not being “consistently candid in his communications” though what it was that he was allegedly not candid about remains unclear.

This then led to nearly all of OpenAI’s more-than-700 staff to sign an open letter threatening to leave unless the board resigned. The letter stated that Microsoft, had assured them that there were jobs for all OpenAI staff if they wanted to join the company.

However, late on Tuesday it became clear that negotiations were underway focused on enabling Mr Altman to return.

Board games

But the upheaval of the past few days has raised questions about how a group of just four people could make decisions that have rocked a multi-billion dollar technology business.

In part this is because of OpenAI’s unusual structure and purpose.

It began life in 2015 as a non-profit – many charities have that status – with the mission to create “safe artificial general intelligence that benefits all of humanity”. The mission, did not include looking after the interests of shareholders.

In 2019 it added a for-profit subsidiary but its purpose remained unchanged and the not-for-profit’s board remained in charge.

The board members involved in Altman’s dismissal have yet to explain their decision – Elon Musk is among those who have urged members to “say something”.

But that has yet to happen. In reaction to the news of the reinstatement and new board, on X Ms Toner posted just “and now we can all get some sleep”.

(BBC)



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ComBank unveils new Corporate Branch at Head Office

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Commercial Bank Managing Director/CEO, Sanath Manatunge, Chief Operating Officer S. Prabagar, Deputy General Manager – Corporate Banking Hasrath Munasinghe, Corporate Branch Chief Manager -Ruvini Samarasinghe and representatives of the Bank’s corporate and senior management at the opening of the new Corporate Branch

The Commercial Bank of Ceylon has transformed its iconic ‘Foreign Branch’ into the ‘Corporate Branch,’ reaffirming its commitment to delivering dedicated, comprehensive financial solutions to corporate and trade customers.

The Bank said this transformation represents a new milestone in its illustrious journey, and resonates with the rich commercial heritage of Colombo, a city that has long served as a vital trading hub in the region.

Strategically located at the Bank’s Head Office at Commercial House, 21, Sir Razeek Fareed Mawatha (Bristol Street), Colombo 1, this rebranded Corporate Branch stands as a first of its kind in Sri Lanka —a premier financial hub tailored exclusively to the needs of corporate customers, the Bank said. The transformation aligns with the Bank’s vision of providing unparalleled service excellence, bespoke financial solutions, and fostering long-term business partnerships.

Commenting on this strategic initiative, Commercial Bank’s Managing Director/CEO Sanath Manatunge stated: “It is our aspiration that just as the historic Delft Gateway, at which our Head Office is located, once opened the path to the Dutch Fort, our Corporate Branch will chart a new era of enduring and prosperous business collaborations, that will extend beyond Sri Lanka’s shores.”

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Fits Retail and Abans PLC Unveil Exclusive DeLonghi Premium Coffee Experience

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The iconic DeLonghi coffee machines at Abans showroom

Fits Retail has partnered with retail giant Abans PLC to showcase the iconic DeLonghi coffee machines at two of Colombo’s most prestigious locations: Abans Elite Colombo 3 and Abans Havelock City Mall showrooms.

At these dedicated demonstration zones, visitors can discover the unparalleled precision engineering and user-friendly technology that have made DeLonghi machines the preferred choice for discerning coffee lovers in more than 46 countries worldwide. Renowned for consistently delivering café-quality espresso, cappuccino, and even specialty cold brews, DeLonghi machines exemplify Italian innovation at its finest.

Yasas Kodituwakku, CEO of Fits Retail, expressed excitement about the collaboration: “This partnership represents our unwavering commitment to bringing global coffee excellence to Sri Lankan connoisseurs. With Abans PLC, we’re creating more than just demonstration spaces; we’re curating premium destinations for an authentic coffee experience.”

“As pioneers of premium lifestyle experiences in Sri Lanka, our collaboration with Fits Retail aligns seamlessly with our vision of elevating everyday moments into exceptional experiences,” said Tanaz Pestonjee, Director Business Development at Abans PLC.

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Members’ Night of the Sri Lanka – Russia Business Council of The Ceylon Chamber of Commerce

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Participants at the Members’ Night

The Sri Lanka-Russia Business Council (SLRBC) of The Ceylon Chamber of Commerce (CCC) hosted a Members’ Night on March 27, at the Sophia Colombo City Hotel. The event, attended by His Excellency Levan S. Dzhagaryan, Ambassador of Russia to Sri Lanka, offered a valuable platform for business leaders, embassy officials, and Members to discuss and explore opportunities for deeper Sri Lanka-Russia collaboration, a CCC news release said.

SLRBC President, Mr. Jude Fernando, kicked off the evening with a speech highlighting the importance of strengthening international ties, which was followed by H.E. Dzhagaryan’s address on the need for continued engagement between the two countries. The event featured networking opportunities, allowing Members to connect with key stakeholders and discuss future business ventures, followed by a delightful dinner.

The event was made possible with the generous support of sponsors, including OCEAN 7 Logistics (Pvt) Ltd, Bally/Walkers Tours, Fibre cement associations, Ceylon Fresh Teas, SCANWELL Logistics, Regency Teas, Shan Teas, and others, whose contributions were key to its success.

The SLRBC is committed to further facilitating trade and cultural exchange between Sri Lanka and Russia, continuing to foster stronger business relationships.

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