Venture Capitalist Michael Moritz Says He’s Stepping Back From Sequoia Capital Because of Illness

In very sad news, Michael Moritz, who has led top-tier venture firm Sequoia Capital through the very beginnings of the web until now, is stepping back because of an incurable disease. His firm has backed many of the homeruns of the last two decades including Google, Paypal and LinkedIn.

Attached is a letter he sent to limited partners today:

Dear …,

We have always tried to be straightforward with you and, in that spirt, I need to share something. Unfortunately, I have been diagnosed with a rare medical condition which can be managed but is incurable. I’ve been told that in the next five to ten years the quality of my life is quite likely to decline.  Right now I feel fitter than ever and I hope that I’ll be one of the lucky ones who can live a full life and defy the statisticians.  But there is no way of predicting this with certainty and thus for me, life has assumed a different meaning and I am making some adjustments.

I am going to extract myself from the daily management of Sequoia Capital, a task that has consumed a large part of my time for the past sixteen years. I will become Chairman of Sequoia Capital and will be deeply involved with nurturing the fresh investments, ideas and relationships that can be of significant long-term benefit for all of us.  I will also work very closely with some of our younger and newer members, will continue my role as Managing Member of existing funds and maintain all my current company responsibilities. I will use twelve to fourteen weeks – sprinkled throughout the course of each year – for various pursuits, diversions and trivial indulgences.

Nothing about this should cause much of a change because everything that has been achieved at Sequoia Capital has resulted from the teamwork and contribution of many people.   Our overall business is in the best shape it has ever been and we are better positioned than at any time in our forty year history. Doug Leone will assume full responsibility for coordinating the business we have gradually developed over the past couple of decades and almost everything else remains entirely the same.

Thanks for your support,

Michael Moritz