Sequoia to Appoint Andrew Reed to Klarna Board After Failed Moritz Ouster

Sequoia Capital has picked partner Andrew Reed to replace Matthew Miller on the board of ‘buy now, pay later’ company Klarna, according to people familiar with the matter. Miller had joined the board in January and recently led a failed effort to remove former Sequoia leader Michael Moritz from his position as Klarna’s board chairman.

On Tuesday, Miller and Sequoia retracted their request to remove Moritz as board chair, The Information reported. Sequoia chief Roelof Botha apologized for “any distraction this may have caused the board, management team, and shareholders” and claimed that the firm’s “understanding of the situation was wrong.”