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Roelof Botha, who has led Sequoia Capital since 2022, is stepping down from his role as the firm’s managing partner after a period of upheaval at the premier Silicon Valley investment firm.
Botha will hand management of the group to lieutenants Alfred Lin and Pat Grady, although he will remain an adviser and retain his board appointments, the company said.
The change in leadership follows a tumultuous few years at Sequoia. Since Botha took over management of the firm three years ago as its “senior steward” the group has retreated from operations in China and India. The South African executive’s tenure has also been marked by clashes between senior figures at the firm.
The recent departure of Sequoia’s chief operating officer Sumaiya Balbale was precipitated by social media posts by Shaun Maguire, a high-profile partner at the firm, which she regarded as Islamophobic, the Financial Times reported.
Botha and Matthew Miller, a former partner at the firm, were also embroiled in a spat with former Sequoia chief Michael Moritz last year. Miller, with the backing of Botha, attempted to oust Moritz from his position on the board of Swedish financial technology company Klarna.
Botha eventually reversed course and backed Moritz, while Miller left the firm to start his own fund.
Botha, 52, was given his first job by Elon Musk and is part of the so-called PayPal mafia, whose members left the payments company and later became some of Silicon Valley’s most prominent investors and founders. The group also includes the Tesla chief executive, investor Peter Thiel and David Sacks, Donald Trump’s artificial intelligence and cryptocurrency tsar.
Sequoia, founded in 1972, is one of Silicon Valley’s most successful venture firms. The group was an early backer of Google, Apple, Atari, Cisco, YouTube, Stripe and dozens of other start-ups.
Botha wrote in a letter to staff on Tuesday: “Since 1972, Sequoia’s stewards have transitioned the partnership from one generation to the next when they saw that the team was ready for the challenge. That moment has come for me.”
Lin has co-led Sequoia’s early-stage investment business since 2017 and Grady has overseen the firm’s late-stage business since 2015. “They have a fearlessness and resilience that’s necessary to win in this business,” Botha wrote.
“They do not shy away from difficult conversations, and they roll up their sleeves to company-build — both with founders and within Sequoia.”
