Sam Altman, a co-founder of OpenAI, will be reinstated as CEO just days after he was dismissed by the board, according to the company.
The tech company stated that, in principle, a new board of members would be appointed as part of the agreement.
After Mr Altman was fired on Friday, an open letter from the staff was released, in which they stated they would resign unless he was brought back.
Mr Altman expressed enthusiasm about going back to OpenAI in a post on X, the former Twitter.
He proclaimed: "I am passionate about OpenAI and all my recent actions are aimed at sustaining the collective and its goal."
He stated that they would strengthen their relationship with Microsoft.
The board's decision to part ways with Mr Altman last week caused Greg Brockman, a co-founder of the highly successful AI business, to step down, leaving the organization in disarray.
Adam D'Angelo, Tasha McCauley, Helen Toner and co-founder and chief scientist Ilya Sutskever, all non-employee board members, agreed on the decision.
On Monday, Mr Sutskever expressed his regret on X and endorsed the staff letter demanding that the board should take the opposite action.
Microsoft, the biggest investor in OpenAI, then invited Mr Altman to lead "a new advanced AI research team" at the tech giant.
OpenAI announced on Wednesday that they had come to an accord with Mr. Altman, agreeing to his return to the company, as well as reassembling the board of directors that had previously removed him.
OpenAI announced that Bret Taylor, former co-CEO of Salesforce, and Larry Summers, former US treasury secretary, will be joining current director Adam D'Angelo.
Mr Brockman indicated in a post on X that he would come back to the company.
Emmett Shear, appointed OpenAI's interim chief executive, expressed his satisfaction with Mr Altman's return after roughly three days of hard work.
As he reported on X, he was uncertain about the appropriate direction to take with OpenAI, but said that Mr Altman's return was the most feasible route, taking into consideration both safety and the satisfaction of all concerned.
Satya Nadella, head of Microsoft, expressed enthusiasm for the modifications made to the OpenAI board.
We consider this to be the first necessary step in the direction of improved, informed, and effective governance.
Microsoft has put a lot of money into OpenAI, but it has not given anyone from the company a seat on its board.
On Friday, OpenAI's board declared that their trust in Mr Altman's leadership had been relinquished, resulting in his termination from the company.
Nearly all of OpenAI's staff of more than 700 signed an open letter threatening to leave unless the board resigned, resulting from this.
The letter revealed that Microsoft, the largest investor in OpenAI, had promised all OpenAI personnel that they would have employment offers with the enterprise if they desired to join.
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