Storied venture capital firm Sequoia Capital announced today that leader Doug Leone would be stepping aside from his role as “senior steward” to be replaced with Roelof Botha, managing partner of Sequoia’s U.S. and Europe operations.
Leone, the global managing partner of Sequoia Capital, wrote in a letter published on Twitter that he will remain a general partner in existing funds and will represent Sequoia on boards of directors.
“The spirit of growth and renewal drives our culture of generational transfer,” Leone wrote. “We are proud to be the only venture capital partnership to have successfully navigated multiple leadership transitions over five decades.” Leone and another famed Sequoia investor, Michael Moritz, were previously handed the reins from firm founder Don Valentine in the mid 1990s. Moritz stepped away from the role in 2012, citing an illness at the time, though he has remained active with the firm and sits on various boards, including that of the buy-now-pay-later giant Klarna, the grocery delivery company Getir, and payments behemoth Stripe.)
For Botha, the new gig – which is in effect starting July 5, 2022 – is part of a years-long transition and was very much expected. In 2017, he was made U.S. head of the firm working under Leone. Botha then also became a “Sequoia Steward” which he previously described as having “more responsibility for strategy, for team composition, for fundraising — including spending more time with limited partners and helping decide when do we raise, the size of the funds, the composition of our LP base.”
Senior steward is a double click on that role, representing more of a global leadership role compared to day-to-day management role that he previously held. Botha has made investments in a number of now prolific companies, including Youtube, 23andme, MongoDB, Natera, Square and Unity.