British startup Stability AI has appointed former Weta Digital boss Prem Akkaraju as its new CEO, according to the Information.
The appointment comes as part of a capital injection into Stability AI from a group of investors including Weta Digital and former Facebook president Sean Parker, according to the report, which cited a person close to the matter.
Akkaraju’s appointment comes months after Stability founder Emad Mostaque resigned as CEO – the latest in a flurry of high-profile exits from the London-based AI startup.
A spokesperson from Stability AI declined to comment.
Stability, known for its image generation platform Stable Diffusion, achieved a $1bn ‘unicorn’ valuation in 2022 but the latest cash infusion could result in a lower valuation for the firm, according to the report.
Akkaraju, who has been CEO of visual effects firm Weta Digital for four and a half years, will be looking to steady the ship at Stability, which last month laid off 10% of staff in a bid to reduce costs.
Other recent departures include Robin Rombach, one of the original developers of the startup’s flagship Stable Diffusion product, and former CTO Tom Mason.
The company has been run by COO Shan Shan Wong and CTO Christian Laforte in the interim.
Read more: Most generative AI models likely ‘illegal’, says former Stability VP
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