Founders contribute something to companies that is very special. It's the core DNA of most companies. Many founders step aside at some point from the CEO role. Many times that happens at the urging of the VCs. Many times they do it on their own, recognizing that they don't enjoy actually running a company.
But the tricky part is keeping the founders engaged and involved once they'd stepped down from the CEO role.
But how do you get someone of the caliber of Jerry Yang or David Filo to stick around and keep working on moving the company forward.
I saw this at HotJobs (CEO/Founder Richard Johnson left the company and quickly disengaged) and I co-founded a start-up myself, so these questions feel particularly relevant. I agree wholeheartedly with Fred - the importance of the CEO/Founder's vision and enthusiasm cannot be underestimated. Marc is unlikely to toot his own horn on this one, so let me do so here: Toot! to the CEO of the worlds best $100k+ job search engine.