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Venture capital goliath has named former CFO and longtime partner its new senior steward.

Botha will assume the role from on July 5, the on . Leone will remain a general partner in its existing funds and sit on the boards of portfolio companies.

Botha joined Sequoia in 2003 and his investments at the firm include , , and Square, now . Before that, Botha led PayPal through both its IPO and its subsequent acquisition by .

will continue as steward and lead Sequoia’s China business as founding and managing partner.

The move comes on the heels of Sequoia鈥檚 announcement that it is doing away with the 10-year fund model and creating the new, open-ended Sequoia Capital Fund.

The new main fund will distribute money into close-ended 鈥渟ub funds鈥� such as seed, venture and growth for new investment, with any exits from those funds replenishing the main Sequoia Capital Fund.

Leone joined Sequoia in 1988 and led the firm鈥檚 global expansion into China, India and Southeast Asia. Leone has been involved in companies such as and .

Photo: Courtesy of Sequoia Capital