Sam Altman succeeds Paul Graham as president of Y Combinator

Paul Graham, who’s presided over the well-known startup accelerator Y Combinator since its inception,¬†announced via blog post Friday¬†that he will pass the mantel onto Sam Altman — an entrepreneur from the first class of Y Combinator.
“Why the change? Because YC needs to grow, and I’m not the best person to grow it,” Graham wrote. “Sam is what YC needs at this stage in its evolution.”
Since its first class in 2005, Y Combinator has funded more than 500 startups, including Reddit, Heroku and Rapportive. According to a presentation by Graham at GMIC, the valuation of those companies adds up to more than $13 billion.
Altman previously served as co-founder and CEO of Loopt, and was a part-time partner and adviser for Y Combinator. Graham says he attempted to recruit Altman for “over a year.”
While Graham is stepping down from his post, he is not completely exiting Y Combinator. He will continue to hold office hours with companies and give advice to its startups.