Venture capital goliath Sequoia Capital has named former PayPal CFO and longtime partner Roelof Botha its new senior steward.
Botha will assume the role from Doug Leone on July 5, the company announced on Twitter. Leone will remain a general partner in its existing funds and sit on the boards of portfolio companies.
Botha joined Sequoia in 2003 and his investments at the firm include 23andMe, MongoDB, YouTube and Square, now Block. Before that, Botha led PayPal through both its IPO and its subsequent acquisition by eBay.
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Neil Shen will continue as steward and lead Sequoia’s China business as founding and managing partner.
The move comes on the heels of Sequoia’s announcement that it is doing away with the 10-year fund model and creating the new, open-ended Sequoia Capital Fund.
The new main fund will distribute money into close-ended “sub funds” such as seed, venture and growth for new investment, with any exits from those funds replenishing the main Sequoia Capital Fund.
Leone joined Sequoia in 1988 and led the firm’s global expansion into China, India and Southeast Asia. Leone has been involved in companies such as ServiceNow and RingCentral.
Photo: Courtesy of Sequoia Capital
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