The AI market will reach $1,037bn by 2030. Credit: Varavin88/shutterstock

Sarah Friar, the former CEO of social media company Nextdoor, will become OpenAI’s first chief financial officer. 

In a blog post, OpenAI stated that Friar would lead a finance team to provide continuous funding into AI research and development.  

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OpenAI stated that a finance team was now necessary to serve its growing global customer base. 

Friar has previously acted as the CFO to business technology platform Square. She has also worked at Goldman Sachs, Salesforce and McKinsey, as well as being co-chair of the Stanford Digital Economy Lab, a part of the Stanford Institute for Human-Centered AI. 

“I’m honored to join a team that is uniquely talented and mission-focused,” Friar stated. “My goal is to help OpenAI continue excelling at what it does best—producing top-tier research and collaborating to maximize the benefits of AI tools for everyone,” she added. 

Alongside Friar, OpenAI also announced that it would be welcoming Kevin Weil as its chief product officer. Prior to joining OpenAI, Weil worked at Earth imaging company Planet labs as its president of product and business. 

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“Sarah and Kevin bring a depth of experience that will enable OpenAI to scale our operations, set a strategy for the next phase of growth, and ensure that our teams have the resources they need to continue to thrive,” commented OpenAI CEO Sam Altman. 

In its 2023 executive briefing on AI, research and analysis company GlobalData forecast the total AI market will exceed $1,037bn by 2030, achieving a CAGR of 39% from 2022. 

GlobalData reported that generative AI tools, like OpenAI’s ChatGPT, would be the fastest growing segment of the global AI market.