After nearly a decade at the helm of Sequoia Capital, Roelof Botha is stepping down as steward of the storied Silicon Valley venture capital firm.
Botha – early CFO of PayPal who is now known for backing companies like Youtube, InstagramAnd Bullock said Tuesday that he will pass the baton to Pat Grady and Alfred Lam.
“They have the fearlessness and resilience necessary to win in this industry,” Botha wrote in a letter released by the company. X. “They don’t shy away from difficult conversations, and they roll up their sleeves to build the company—whether that’s with founders or within Sequoia.”
Botha, WHO wealth Last year’s introduction, Sequoia Capital has been through a tumultuous period in its history, most recently when financial times According to reports, Sequoia Capital Chief Operating Officer Sumaiya Balbale resigned after Sequoia Capital partner Shaun Maguire posted a post saying that she was Islamophobic.
The firm, founded in 1972 by Don Valentine and an early backer of companies such as Atari and Apple, has undergone a series of major changes in recent years: In 2021, Sequoia restructured its U.S. and European funds into an evergreen fund, then spun off its China business two years later.
Botha, who was appointed a Sequoia manager in 2017, said he would transition to a new role advising on partnerships while continuing to support Sequoia on the boards of startups in which he has invested. In naming Lin and Grady as co-managers, Sequoia is returning to a successful formula it last had when partners Michael Moritz and Doug Leone were co-managers.
Forest–His early career at Zappos and mathematical leanings making him an early backer of companies like Airbnb and DoorDash — at Sequoia Capital since 2010. Grady, meanwhile, has been at Sequoia Capital since 2007 and has served as CEO of Snowflake, skyrocketingand Octa.
The pair will face the immediate challenge of resolving the political controversies plaguing the firm at a time when many Silicon Valley venture capital firms have become increasingly outspoken on hot-button political and culture war issues.
Sequoia has long adhered to a policy of “institutional neutrality” while allowing partners to express their views freely and individually. But the policy has been tested by Maguire’s comments, which reportedly led to discord within the company.
exist TechCrunch Disruption from the Last WeekBotha declined to comment broadly on the controversy, but said of Maguire: “I think he’s made his position clear and for a particular group of founders, it’s very attractive that he has such a strong point of view. Is there a trade-off? Yes.”
Sequoia Capital is one of the most powerful venture capital firms in Silicon Valley, managing $56 billion in assets and investing in start-ups including OpenAI, space exploration technologies corp., striperamps and chain guards. Last week, the firm launched two new funds, a $200 million seed fund and a $750 million venture fund.
When reached for comment, Sequoia wealth Its LP letter, and Grady and Lin’s comments on X.