Reuters: Private Equity: Mike Moritz scales back role at Sequoia Capital

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Mike Moritz scales back role at Sequoia Capital May 21st 2012, 15:57 SAN FRANCISCO | Mon May 21, 2012 11:57am EDT SAN FRANCISCO May 21 (Reuters) - Mike Moritz, who represented Sequoia Capital in its investments in companies such as Google Inc, PayPal and Yahoo Inc, is ratcheting back his role due to a rare medical condition, he said. "I've been told that in the next five to 10 years the quality of my life is quite likely to decline," he told the firm's investors in a letter sent on Monday morning. "Life has assumed a different meaning and I am making some adjustments." Moritz plans to remove himself from daily management duties, such as legal, compliance and real estate, and focus on investing. "He's going to continue to take new board seats," said a spokesman. "He's going to be closely involved on the investment side." Partner Doug Leone will shoulder more of the management duties, the spokesman said. Moritz will become chairman of Sequoia Capital and take 12 to 14 weeks a year "for various pursuits, diversions, and trivial indulgences," he wrote in the letter.

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