Sequoia Capital on Tuesday told investors that partner Jim Goetz will be stepping back as one of the firm's "stewards" and co-head of U.S. venture capital, to be succeeded by Roelof Botha. It is the third major management transition in the history of Sequoia, a Silicon Valley stalwart that has backed such companies as Apple, Cisco, Google, PayPal and WhatsApp.
Why Goetz matters: The guy is a VC legend. For years Goetz flew under the radar despite big wins like Palo Alto Networks. But that all changed in 2014, when Facebook bought WhatsApp for $19 billion. Not only was it the largest-ever purchase of a VC-backed company, but Goetz somehow persuaded WhatsApp's founders to never accept venture capital from any other firm.
Goetz tells Axios: "It's clear that it's time to empower the next generation, which means that I need to get out of their way. I'm going to stay away for a few months, but will keep my board seats and serve as a consigliere to Roelof when needed. Then I plan to come back and keep making new investments, and I'd expect to do more new investments in the next three years than I did in the last three."