Sequoia Capital has retracted its request to remove Michael Moritz as chairman of Klarna’s board, according to emails reviewed by The Information. Sequoia partner Matthew Miller, the director who in recent days had asked Klarna shareholders to remove Moritz, is leaving the Klarna board.
Sequoia plans to appoint a new partner to the company’s board in the coming days. In an email, Sequoia’s chief Roelof Botha told Klarna shareholders that the firm realized in recent days that their “understanding of the situation was wrong” and that the firm is in full support of Klarna CEO Sebastian Siemiatkowski. Botha also apologized for “any distraction this may have caused the board, management team, and shareholders.”