Roelof Botha, managing partner of venture capital firm Sequoia Capital's U.S. and European operations, will be taking over for Doug Leone as the firm's leader effective July 5, Mr. Leone said in a letter posted on Twitter Monday.
Mr. Leone, a partner who originally joined Sequoia in 1988, said he will step down and Mr. Botha will take on Mr. Leone's title of senior steward of Sequoia Capital upon his departure.
Mr. Roelof will continue to lead the U.S. and European business and Neil Shen, founding and managing partner, will continue to lead Sequoia Capital China, Mr. Leone said.
In October, Mr. Botha announced a restructuring of its U.S. and European venture capital model into an open-end fund that allocates capital to a series of closed-end subfunds.
"In our U.S./Europe business, we are breaking with the traditional organization based on fund cycles and restructuring Sequoia Capital around a singular, permanent structure: The Sequoia Fund," Mr. Botha said in a blog post at the time.
He said that for Sequoia, "the 10-year fund cycle has become obsolete" because it curtails meaningful relationships with portfolio companies prematurely and misaligns portfolio companies and their venture capital investment partners.
Officials at Sequoia Capital could not be immediately reached for further information.
