According to Fortune, Roelof Botha announced Tuesday he’s stepping aside as Sequoia’s steward after holding the role since 2017. He’s passing leadership to partners Alfred Lin and Pat Grady, who will serve as co-stewards—a structure last used when Michael Moritz and Doug Leone led the firm. Botha will transition to advising the partnership while continuing to support portfolio companies. The leadership change comes amid internal controversy following partner Shaun Maguire’s posts that COO Sumaiya Balbale reportedly considered Islamophobic. Sequoia recently unveiled two new funds totaling $950 million—a $200 million seed fund and $750 million venture fund—while managing $56 billion in assets across investments including OpenAI, SpaceX, and Stripe.
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The Changing of the Guard
This feels like a carefully orchestrated transition rather than a sudden departure. Botha’s been steward since 2017, which honestly feels like several lifetimes in venture capital years given everything that’s happened. He’s handing over the reins during what might be Sequoia‘s most challenging period in decades—the firm split its China operations just last year, restructured its funds in 2021, and now faces internal cultural tensions.
What’s interesting is the return to the co-steward model. Moritz and Leone made it work spectacularly well, and Sequoia’s basically betting that Lin and Grady can recreate that magic. Lin brings that operational DNA from his Zappos days and mathematical approach that served him well with Airbnb and DoorDash. Grady’s the enterprise software expert behind Snowflake and Zoom. Together they cover consumer and enterprise—pretty comprehensive coverage for a firm that needs to navigate both markets simultaneously.
The Political Firestorm
Here’s the thing nobody’s saying directly but everyone’s thinking: Lin and Grady are walking into a political minefield. The Maguire situation exposed the fundamental tension in Sequoia’s “institutional neutrality” policy. Partners can say whatever they want individually, but when those statements create internal discord and reportedly cause senior leaders to resign, how neutral can the institution really remain?
Botha’s comments at TechCrunch Disrupt were telling. He basically acknowledged that Maguire’s stance appeals to “a particular set of founders” while admitting there are “tradeoffs.” That’s venture capital speak for “we’re losing some deals but winning others based on political alignment.” In today’s hyper-polarized environment, can any major VC firm truly stay above the fray? I’m skeptical.
The Bigger Picture
Look, Sequoia’s still one of the most powerful venture firms on the planet with $56 billion in assets. They just raised nearly a billion dollars in fresh capital. But the leadership transition during this controversy suggests the firm recognizes it needs new approaches to handle the current climate.
The real test will be whether Lin and Grady can maintain Sequoia’s legendary returns while navigating these cultural shoals. Every VC firm faces pressure to take stands on political issues these days. But Sequoia’s particular challenge is balancing individual partner freedom against institutional cohesion. If they get that balance wrong, they risk either becoming just another politicized firm or appearing tone-deaf to the concerns of younger founders and employees.
Basically, this isn’t your grandfather’s Sequoia anymore. The firm that backed Apple and Atari now has to manage Twitter storms and internal culture wars while still trying to find the next Google. Good luck to the new stewards—they’re going to need it.
