San Francisco, March 24 (IANS) Stability AI Founder and CEO, Emad Mostaque, has resigned from his role to pursue ‘decentralised artificial intelligence (AI)’. Backed by investors like Lightspeed Venture Partners and Coatue Management, Stability AI has appointed Shan Shan Wong, its Chief Operating Officer, and Christian Laforte, Chief Technology Officer, as the interim co-CEOs of Stability AI.
The company is actively searching for a permanent CEO, as stated in a press release. Jim O’Shaughnessy, Chairman of the Board, expressed gratitude towards Mostaque for his dedication and leadership. He also expressed confidence that Shan Shan Wong and Christian Laforte will lead the company effectively in their roles as interim co-CEOs.
Stability AI is well-known for its image generation tool called ‘Stable Diffusion’. Reports suggest that the startup has struggled to secure new funds at a $4 billion valuation. Mostaque reflected on his time at Stability AI, stating, “I am proud to have led Stability to hundreds of millions of downloads and the best models across modalities.” He also emphasized the importance of keeping AI open and decentralized.
“As we search for a permanent CEO, I have full confidence that Shan Shan Wong and Christian Laforte, in their roles as interim co-CEOs, will adeptly steer the company forward in developing and commercialising industry-leading generative AI products,” said Jim O’Shaughnessy. The future of Stability AI remains uncertain as they navigate through this transitional phase.
