Y Combinator (YC) announced that Sam Altman would be stepping down as President of the Silicon Valley based start-up accelerator. Altman will transition to a role as Chairman and shift his operational responsibilities to other YC Partners. According to a blog post, Altman intends to spend more time on OpenAI, a non-profit artificial intelligence research organization, that he co-founded with Elon Musk in 2015.
Altman is the second-ever President of YC after Paul Graham, one of the company's co-founders, who stepped down in 2014. Altman previously co-founded Loopt, a location-based social netorking app, which was acquired by Green Dot in 2012. He joined YC as a part-time Partner in 2011 and became President in 2014.
Mike Siebel will remain as Chief Executive Officer of Y Combinator where he run's the company's core program.