Storied venture firm Sequoia Capital has named a new leader. Roelof Botha, 48, will become the senior steward of the firm.
Botha’s “keen instinct for innovation has made its mark on our partnership and on our industry,” Sequoia’s current chief Doug Leone wrote in a Twitter message on Monday. He also said that Botha will “set the overall tone and oversee the global centralized functions” of the firm, including its finance and culture, and that Botha will continue to lead Sequoia’s US and Europe business as managing partner.
Representatives of the firm are gathered in London for the firm’s annual meeting with limited partners, or institutional investors, kicking off Monday night. During a question and answer session Tuesday, the firm plans to outline its “next chapter,” Leone said in the statement. As recently as 2020, Leone used an elaborate metaphor involving mixed nuts to explain to the hosts on the Acquired podcast that the different parts of Sequoia take an equal percentage of profits. “We blend them and then we redistribute them so that we all get a share of mixed nuts but no one gets more nuts,” he said. A spokeswoman said there would be no change to the profit sharing system.
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