TLDR:
- Sequoia Capital retracts request to oust Michael Moritz as chairman of Klarna’s board.
- Sequoia partner Matthew Miller is leaving the Klarna board, and a new partner will be appointed.
Sequoia Capital has decided to retract its request to remove Michael Moritz as chairman of Klarna’s board, as confirmed in emails reviewed by The Information. The initial request was made by Sequoia partner Matthew Miller, who has now announced that he will be leaving the Klarna board. Sequoia plans to appoint a new partner to the board in the near future.
In an email to Klarna shareholders, Sequoia’s chief Roelof Botha stated that the firm had realized their “understanding of the situation was wrong” and expressed full support for Klarna CEO Sebastian Siemiatkowski. Botha also extended an apology for any distractions caused to the board, management team, and shareholders during this period.
This development marks a significant shift in the relationship between Sequoia Capital and Klarna, indicating a change in leadership dynamics within the company. The decision to retain Moritz as chairman and appoint a new partner to the board reflects a renewed commitment to collaboration and strategic alignment within Klarna’s leadership team.
