Reid weighed in eloquently on this topic. “[to be CEO you need to] devote substantial time to time consuming things like running meetings and other business process. You can’t just do the exciting stuff like making the final call on product and speaking at conferences, while shuffling off everything else to the mythical COO who loves doing all the dirty work and doesn’t want any of the credit
Should You Consider Replacing Yourself as CEO? Both sides of the table long post (almost 3 entries) worth reading.

“Being there at the start isn’t the only path to being a founder.  “Founder” is a state of mind, not a job description.”