Updated Nov. 18, 2023 10:07 pm ET

OpenAI’s investors are making efforts to bring back Sam Altman, the chief executive officer who was ousted Friday, the latest development in a fast-moving chain of events at the artificial-intelligence company behind ChatGPT.

Altman is thinking about returning but has told investors that if he does return, he wants a new board and governance structure, people familiar with the matter said. He has separately discussed starting a company that would bring on former OpenAI employees, including several who quit in protest over his ouster.

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