Roelof Botha is stepping down as the head of Sequoia Capital after almost ten years leading the renowned Silicon Valley venture capital company.
TL;DR
- Roelof Botha is stepping down as head of Sequoia Capital after nearly ten years.
- Alfred Lin and Pat Grady will now lead Sequoia Capital as co-stewards.
- Botha will move to an advisory role, assisting on company boards.
- Lin and Grady will address recent controversies and lead the firm's new funds.
PayPal's initial and key CFO, Botha, recognized for supporting ventures such as YouTube, Instagram, and Block, announced Tuesday his handover to Pat Grady and Alfred Lin.
“They have a fearlessness and resilience that’s necessary to win in this business,” Botha wrote in a letter that the firm posted on X. “They do not shy away from difficult conversations, and they roll up their sleeves to company-build—both with founders and within Sequoia.”
During a turbulent era for Sequoia, Botha, whom Coins2Day profiled last year,, has been at the helm. The firm recently gained public attention after the Financial Times revealed that Sequoia COO Sumaiya Balbale stepped down due to Islamophobic remarks made by Sequoia partner Shaun Maguire.
Founded in 1972 by Don Valentine, who backed early ventures such as Atari and Apple, the company has undergone significant transformations lately. In 2021, Sequoia reorganized its U.S. And European investment pools into a single, perpetual fund, and then, two years later, separated its China division.
Botha, appointed Sequoia’s steward in 2017, will move to a new advisory position for the partnership, while still assisting Sequoia on the boards of companies he's invested in. By Appointing Lin and Grady as co-stewards, Sequoia is reverting to a proven strategy previously used when Michael Moritz and Doug Leone held the co-steward roles. (The steward position at Sequoia is the firm's primary leadership role, and the firm has often been led by co-stewards historically; for instance, Botha took over after Leone, Jim Goetz, and Neil Shen led the firm.)
Lin—whose early career at Zappos and mathematical inclinations molded him into an early backer of companies like Airbnb and DoorDash—has been at Sequoia since 2010. Meanwhile, Grady has been at Sequoia since 2007 and made his name as a key investor in companies like Snowflake, Zoom, and Okta. Lin is also an investor in Kalshi, while Grady is a backer of OpenEvidence and Harvey.
The duo will immediately confront the controversy surrounding politics that has shaken the company, occurring as numerous Silicon Valley venture capital firms are growing more vocal about contentious political and cultural matters.
Sequoia has maintained a long-standing practice of “institutional neutrality,”, while simultaneously granting its partners the autonomy to voice their personal opinions. However, this established policy has faced challenges due to Maguire’s remarks, which have reportedly caused internal disagreements within the company.
At TechCrunch Disrupt last week, Botha chose not to elaborate on the controversy, stating about Maguire: “I think he has made it clear what he stands for, and there’s a particular set of founders for whom it is very appealing that he’s been as firm in his opinion. Does it come with tradeoffs? Yes, it does.”
Coins2Day asked a source close to the situation whether the decision was linked to the Maguire controversy, and the person emphasized that the transition is reflective of Grady and Lin’s readiness to take the helm—each has spent around a decade respectively leading Sequoia’s growth stage and early stage operations.
Sequoia stands as a preeminent venture capital firm in Silicon Valley, managing $56 billion in assets and backing startups such as OpenAI, SpaceX, Stripe, Ramp, and Chainguard. The firm recently announced the launch of two new funds: a $200 million seed fund and a $750 million venture fund.
When reached for comment, Sequoia directed Coins2Day to its LP letter, and Grady and Lin’s comments on X.