OpenAI taps bank CEOs as IPO signs grow louder

OpenAI has added two banking chiefs to both its nonprofit and for-profit boards: Nubank’s David Vélez and BNY’s Robin Vince. The appointments are the clearest governance signal yet that the ChatGPT maker is preparing for a possible public listing, even though the company is not public today.

OpenAI said on Tuesday that both executives will join the OpenAI Foundation, its nonprofit parent, and OpenAI Group PBC, its for-profit arm. Bret Taylor, who chairs both boards, said the pair bring experience that matters as OpenAI expands its reach.

“David and Robin are exceptional leaders who have used technology to reshape financial services and expand opportunity at global scale.” “as OpenAI serves more businesses and people around the world.”

Board changes point to IPO planning

The timing stands out. According to Bloomberg, OpenAI is weighing an initial public offering as soon as 2027. That debut could come after rival Anthropic reaches public markets. The Wall Street Journal described Vélez and Vince as independent directors, the kind of outside oversight public investors typically want to see.

Both executives bring deep financial experience. Vince spent 26 years at Goldman Sachs, where he became chief risk officer and treasurer, before taking over BNY in 2022. Vélez, a former Sequoia partner, built Nubank into one of the world’s largest digital banks, serving more than 135 million customers. Nubank also recently received conditional approval to open a US national bank.

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Governance and banking ties

The hires also address a long-running governance question. This is the same board structure that fired and then rehired Sam Altman during a chaotic week in 2023, an episode that rattled investors and employees. Adding executives who have run large financial institutions through high-pressure periods could help calm concerns about oversight.

The dual appointments also highlight OpenAI’s unusual setup. Its for-profit business, which has raised tens of billions, still sits under a nonprofit foundation. Putting the same two directors on both boards helps connect that mission-driven structure with a business increasingly focused on global scale and public markets.

There is also a straightforward commercial angle. Nubank and BNY are the kind of customers OpenAI wants to win as banks spend heavily on AI. Vince has made data and AI central to BNY’s overhaul, while Vélez built a digital bank that traditional rivals now study closely. OpenAI has said it has set no fixed timeline, but this is the kind of board a company builds with Wall Street in mind.