Venture capital goliath Sequoia Capital has named former PayPal CFO and longtime partner Roelof Botha as the new senior steward.
Botha will play the role from Doug Leone on July 5, the announced by the company on Twitter. Leone will remain a general partner on its current funds and sit on its board.
Botha joined Sequoia in 2003 and his investments in the company include 23andMe, MongoDB, YouTube and Square, which is now Block. Prior to that, Botha led PayPal through both its IPO and its subsequent acquisition of eBay.
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Neil Shen will continue as manager and lead Sequoia’s business in China as a founding and managing partner.
The move follows Sequoia’s announcement that it is removing the 10-year fund model and creating the new, open Sequoia Fund.
The new primary fund will distribute money to nearby “sub funds” such as seed, venture and growth for new investment, with any outflows from those funds replenishing the primary Sequoia Fund.
Leone joined Sequoia in 1988 and led the company’s global expansion in China, India and Southeast Asia. Leone is involved with companies such as ServiceNow and RingCentral.
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