Sam Altman will return to OpenAI as CEO after the board removed him from the position last Friday, the company announced early Wednesday.

A new board comprised of Bret Taylor (chair), Larry Summers and Adam D'Angelo has also been established. D'Angelo is the only member who was on the previous board that decided to drop Altman.

"We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo. We are collaborating to figure out the details. Thank you so much for your patience through this," OpenAI wrote on X, formerly Twitter.

OPENAI BOARD IN TALKS WITH SAM ALTMAN TO NEGOTIATE HIS POTENTIAL RETURN: REPORT

Altman, who was picked up by Microsoft on Sunday evening, said he is "looking forward to returning to OpenAI." 

"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. when i decided to join msft on sun evening, it was clear that was the best path for me and the team. with the new board and w satya’s support, i’m looking forward to returning to openai, and building on our strong partnership with msft," Altman wrote on X.

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OpenAI was in turmoil following Altman's ouster as nearly all of the company's 770 or so employees signed a letter threatening to join Altman at Microsoft unless he was reinstated and the board stepped down.

This is a developing story. Check back for updates.