Sifted quotes Victoria Younghusband on a boardroom disagreement involving Klarna and Sequoia Capital
Last week saw reports of a disagreement involving board members of Swedish fintech company Klarna. Longtime investor and former partner at Sequoia Capital Michael Moritz, who left the firm last year, survived an attempt by Sequoia to oust him as independent chair of the board.
Instead, Sequoia partner Matthew Miller, who took Moritz’s Sequoia seat in January, was ousted — and Sequoia partner Andrew Reed will reportedly replace him instead.
While the dust has now somewhat settled, publicly, it is still not clear exactly what happened - some reports cite a clash between Klarna’s cofounders; others point to disagreements between Moritz and Miller over shareholder agreement changes.
Commenting on the saga, Victoria Younghusband, Partner in our corporate team, comments for Sifted, a Financial Times-backed publication aimed at entrepreneurs and start-ups on what lessons founders can learn from this about how to choose investors for their board - and manage them.
Victoria recommends that founders have a good shareholders agreement that includes mediation dispute resolution clauses and confidentiality.
Read the full article in Sifted here.
