Sequoia Capital this week closed its London office, merged its early-stage and growth teams, and ended its Scouts program. Together, the moves amount to one of the firm's largest overhauls in recent years.
Some people close to the firm see the changes as an effort to unwind the influence of Roelof Botha, who stepped down as Sequoia's steward last year. One person said Botha "loved process and hierarchy," while "the rest of the team didn't."
Not everyone agrees with that reading. Another person pushed back, calling the restructuring an "erasure of Sequoia's heritage, not Roelof's legacy." The two accounts suggest the partnership is divided over where the firm goes next.
The relationship between Botha and his former firm has reportedly become more strained since he joined the SpaceX board this summer. Botha and SpaceX CEO Elon Musk worked together earlier at PayPal.
According to one account, Sequoia's partners were blindsided by the appointment. That person said Botha "didn't ask compliance, he didn't get sign off from the partnership." The concern is practical as well as procedural: the board seat could complicate the firm's ability to trade its $20 billion stake in SpaceX.
A Sequoia spokesperson said the firm continues to "collaborate closely" with Botha. The firm has not publicly detailed the reasoning behind the London closure, the team merger or the end of Scouts.
