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One big advantage a founder CEO has over appointed ones: the founder CEO can have a thesis about the identity of the company that's used to guide decisions. An appointed CEO can inherit such a thesis, but can rarely invent one.
Inheriting a thesis is a poor substitute for inventing one, because the thesis of a successful startup usually grows organically out of the founders' personalities and experiences. The appointed CEO is at best wearing someone else's clothes.
Exception: An appointed CEO who had a similar personality and experiences (e.g. from having worked together) to the founding CEO could presumably assimilate the thesis.
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I'd take it even one step further: The appointed CEO often tries to change that thesis and put her/his finger-prints on it. Depending on the strength of the existing culture, that creates its own challenges.
Founder CEO has been thinking about the inter workings of the company non-stop for months or years before even starting allowing for big knowledge gap in new concept.
How to find a good partner to work on?
Visionary...dies or walks
Operator...sustains previous inertia, flattens
Expert...fixes operator's non-expert mistakes, then runs out of expertise
Repeat...bring true creativity back
Steve jobs and tim cook are perfect examples for it,(no offense)
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