Speaking of Pascal Levensohn, he’s also written a very good guide for founders of startups who have new responsibilities and boards to look after. The guide is called “A Simple Guide to the Basic Responsibilities of VC-Backed Company Directors.”
During the early stages of a company’s founding, it’s especially important for leaders to get everyone on the same page so that all stakeholders share the same vision.

In January the CEO of Bear Sterns was ‘demoted’ from CEO to Chairman of the Board.   Companies can defined these roles however they like, though I don’t think this was a very good idea. I agree with venture capitalist Pascal Levensohn, who said :
Keeping former CEOs on the board of your company is generally contra-indicated for several obvious reasons:
First, most former CEOs have strongly held continuing views and core beliefs as to how the company should continue to be run;
Second, it is emotionally very difficult for former CEOs to let go of such strongly held convictions; and
Third, people have a natural tendency to second-guess other people.

The chairman leads the board; the CEO doesn’t just report to him, the chairman hires or fires the CEO. The chairman is ultimately responsible for what the firm [...]