Sequoia Capital has announced the departure of Roelof Botha as Senior Steward, the firm’s top leadership role, after just over three years in the position. Botha, who took the helm in mid-2022, is stepping down as the firm names partners Alfred Lin and Pat Grady as its new Co-Stewards, marking a significant leadership transition for one of the world’s most influential venture capital firms. Lin, who joined Sequoia in 2010, has led key investments in transformative companies such as Airbnb, DoorDash, and Kalshi. Grady, a partner for nearly two decades, has focused on growth-stage ventures since 2015, backing industry leaders like ServiceNow, OpenAI, and the legal AI platform Harvey. Botha’s tenure was defined by a turbulent period for the venture capital industry. He assumed leadership during a market downturn that sharply reduced valuations across Sequoia’s portfolio. The firm also suffered a $200 million loss from its investment in the now-defunct cryptocurrency exchange FTX. In 2023, amid rising geopolitical tensions between the U.S. and China, Sequoia separated its India and China operations into independent entities. The firm also faced internal controversy this year when partner Shaun Maguire made inflammatory remarks about New York City mayoral candidate Zohran Mamdani, calling him an “Islamist” and suggesting he came from a culture that “lies about everything.” Though Maguire later retracted some comments, the backlash led to widespread criticism. Sumaiya Balbale, Sequoia’s chief operating officer and a practicing Muslim, resigned in August, citing the firm’s decision not to discipline Maguire. During a public conversation at TechCrunch Disrupt, Botha defended the firm’s stance on free expression, stating that diversity of opinion is valued and that partners are free to speak their minds, even if their views are controversial. He emphasized that the firm does not comment on personnel matters and expressed appreciation for Balbale’s contributions. Botha also clarified that the role of Senior Steward is not one of absolute authority. “My title is Steward for a reason — it’s just a notch above ‘usher’ in the dictionary,” he said, drawing laughter. He added that decision-making at Sequoia is collective, with every investor having a vote. “We want the triumph of ideas, not the triumph of seniority,” he said. Despite the challenges, Sequoia has continued to deliver strong investment results. The firm recently launched a $750 million early-stage fund focused on Series A startups and a $200 million seed fund, signaling its commitment to supporting innovation at all stages. The leadership transition comes as Sequoia refreshes its culture and strategy. The firm recently updated its office with a wall where every partner handwrote the message: “We are only as good as our next investment.” The move reflects a broader effort to stay agile and forward-looking in a competitive and rapidly evolving industry. With Lin and Grady at the helm, Sequoia aims to build on its legacy while navigating the complexities of modern venture capital.