Mar 23, 2024 - Business

Stability CEO resigns from generative AI company

Emad Mostaque

Emad Mostaque, founder of Stability AI Ltd., during the Bloomberg Technology Summit in San Francisco, California. Photo: David Paul Morris/ Bloomberg via Getty Images

Emad Mostaque has stepped down as CEO of Stability AI and from its board to pursue other ventures within the sector, the company announced late Friday.

Why it matters: Led by Mostaque, Stability has been one of the leading generative AI companies that helped kick off the current boom in 2022. But the company has been buffeted by reports about some of the founder's past claims, corporate disfunction, and high-profile departures, among other issues.

State of play: The company's board has appointed chief operating officer Shan Shan Wong and chief technology officer Christian Laforte as interim co-CEOs.

What they're saying: In a statement, Mostaque said he was "proud have led Stability to hundreds of millions of downloads and the best models across modalities. I believe strongly in Stability AI's mission and feel the company is in capable hands. It is now time to ensure AI remains open and decentralised."

  • In a post on X, Mostaque added he was "all in" on decentralization efforts, adding that you can't "beat centralized AI with more centralized AI."

Flashback: Late last year, the company was reportedly exploring a possible sale and at least one investor, Coatue, was calling for Mostaque's resignation.

  • Forbes and Bloomberg earlier on Friday reported on Mostaque's plans to resign.

The big picture: Stability AI is a co-creator of Stable Diffusion, a popular AI-based image generator.

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