After nearly a decade at the helm of Sequoia Capital, Roelof Botha will step aside as “steward” of the legendary Silicon Valley VC firm.
The firm—started in 1972 by Don Valentine, and a backer in the early days of companies like Atari and Apple—has experienced a number of big changes over recent years: In 2021, Sequoia restructured its United States and European funds into one evergreen fund, and two years later split off its China operations.
Botha, who was named Sequoia’s steward in 2017, said he will transition into a new role advising the partnership, while continuing to support Sequoia on the boards of startup companies he’s invested in. In making Lin and Grady co-stewards, Sequoia is returning to the successful formula last employed when partners Michael Moritz and Doug Leone served as co-stewards.
The pair will face the immediate challenge of addressing the controversy over politics that has roiled the firm, at a time when many Silicon Valley venture firms are becoming increasingly outspoken on hot-button political and culture-war issues.
Sequoia has a longtime policy of “institutional neutrality,” while allowing partners the freedom to express their views individually. But that policy has been tested by Maguire’s comments, reportedly leading to discord within the firm.
When reached for comment Sequoia directed Fortune to its LP letter, and Grady and Lin’s comments on X.
