Corporate governance is playing a starring role in the chaos unfolding inside the world’s most famous AI start-up.

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OpenAI fired its chief executive, Sam Altman, on Friday, accusing him of “not being consistently candid” with its board of directors. This kicked off several days of utter nonsense that astonished the tech world—and probably delighted a bunch of business-school types who now have a great example of why the incredibly boring-sounding........

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