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South African Roelof Botha will head the US venture capital giant that supports Apple, Airbnb

  • South African Roelof Botha has been appointed head of the renowned American venture company Sequoia Capital.
  • Sequoia has supported many of the world’s leading companies, ranging from Apple to Airbnb to Zoom.
  • Botha is the grandson of the late politician Pik Botha, and is a former chief financial officer of PayPal.

Storied venture firm Sequoia Capital has named a new leader. Roelof Botha (48) becomes senior steward of the agency.

Botha’s “strong instinct for innovation has left its mark on our partnership and on our industry,” wrote Sequoia’s current CEO Doug Leone in a Twitter message on Monday. He also said that Botha will “set the overall tone and oversee the global centralized functions” of the company, including its finances and culture, and that Botha will continue to lead Sequoia’s American and European business as a management partner.

Sequoia has supported many of the world’s leading companies, ranging from Apple to Airbnb to Zoom. Founded by one-time semiconductor director Don Valentine, it is one of the few venture companies that has consistently outperformed the broader stock market for decades.

Botha is the grandson of the late politician Pik Botha. He was born in Pretoria, grew up in Hout Bay and went to Jan van Riebeeck High School in Cape Town. In 1996 he graduated from the University of Cape Town with an actuarial degree.

He worked at the US consulting firm McKinsey & Co in Johannesburg in the late 1990s, before moving to the US to pursue an MBA at Stanford.

Botha later became CFO of PayPal, working alongside South African Elon Musk.

Leone, 64, said he will remain a general partner in the firm’s existing funds and will hold its board seats.

As part of the announcement, Sequoia said Neil Shen will continue to lead the company in China as the founder and management partner. Forbes previously reported the news of Botha’s new function.

READ | South African Roelof Botha, one of the world’s top tech investors, once posed as Buzz Lightyear to present a job offer

Representatives of the company will gather in London for the annual meeting of the company with limited partners, as well as institutional investors, which will start on Monday evening. During a question and answer session Tuesday, the company plans to launch its “next chapter,” Leone said in the statement.

Sequoia’s American Venture Arm is the company’s oldest company, dating back to 1972. The company has since expanded its American group to Europe and launched separate venture arms in China and India. It also started wealth management company Sequoia Heritage and public-and-private hybrid Sequoia Capital Global Equities. Over time, the business entities of the company have become increasingly independent, as each has grown in size and influence. The corporate arms share some limited partners, but not all, and make independent investment decisions, a spokeswoman said.

As recently as 2020, Leone used an elaborate mixed-metaphor to explain to the hosts about the Podcast purchased that the different parts of Sequoia take an equal percentage of profit. “We mix them and then distribute them again so we all get a share of mixed nuts, but no one gets any more nuts,” he said. A spokeswoman said there would be no change to the profit-sharing system.

This year, the company has updated its structure so that it can participate in a broader offer of investments outside traditional venture capital and can hold longer-invested capital.

READ | EXTRA | ‘Fortunes’: The story of Roelof Botha and the PayPal mafia

Recently, challenges have arisen in Sequoia’s China business, as regulatory actions on both sides of the Pacific have put pressure on China’s technology industry and made it unpredictable.

Botha joined Sequoia in 2003, and became a steward in 2017, according to the letter. He will formally assume the global leadership role on July 5, the day after Leone turns 65.

Additional reporting by Fin24.



South African Roelof Botha will head the US venture capital giant that supports Apple, Airbnb

Source link South African Roelof Botha will head the US venture capital giant that supports Apple, Airbnb

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