TLDR:
– Sequoia Capital is pressuring former partner Michael Moritz to leave his board position at Klarna.
– Sequoia partner Matthew Miller has asked Klarna shareholders to remove Moritz from the board, with the full support of Sequoia’s chief, Roelof Botha.
Sequoia Capital is pushing for Michael Moritz, one of its former partners, to step down from his personal board position at the “buy now, pay later” company Klarna. Sequoia partner Matthew Miller recently asked Klarna shareholders to remove Moritz from the board of directors, and Roelof Botha, Sequoia’s chief, also voiced his support for Miller’s request. Klarna, founded 19 years ago, has seen its valuation drop nearly 90% from its peak to around $7 billion. Moritz, who retired from Sequoia last year, left his Sequoia-appointed Klarna board seat in January but continued serving as Klarna board chair in an independent capacity.
