In order to be a good CEO you need to have two things: 1) talent and 2) experience thinking like an owner. Most execs have #1, but not #2. Suppose Ballmer founded Microsoft and hired Bill Gates. Gates likely would've failed because he didn't have experience as an owner.
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I have 8 years experience thinking an owner. 8 years ago, I was TERRIBLE. Today, I'm pretty good. When I talk to someone who's smart but without experience as an owner, irrespective of their credentials (MBA don't cut it), it is clear that they couldn't do my job.
Perhaps after 8 years of toiling away, they could do a better job than I have, but their last 8 years have been optimizing for pleasing their superiors, look good, company politics, narrow focused departmental thinking - totally different from the CEO's job.
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You can get promoted just by being likable and not fucking up publicly. But, In order to found and grow a company over a long period, you have to be really skilled. Successful founders survived the cull of the weak ones, so to expect some exec to take their place is crazy.
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