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Can we think of an already successful company that got better after the original founders left and the operation became managed by policies and processes?

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I can't think of any. Process attempts to reduce humans into instruction following machines. Sometimes this is necessary (think safety checklists) but most of the time it squanders the very thing that makes humans special: the ability to make predictions and respond to changing circumstances.

I think most people need a lot of structure in their jobs. Building a company beyond individuals is largely formalizing a way of doing things. But, the process should take the guess work out of everything routine, and provide principles and freedom to do the tasks they are competent at.

With that said, the requirements for an early startup are completely different. It can just be a collection of great people making independent decisions.

Microsoft, if we assume (and I think for these purposes we should; he wasn't quite strictly speaking one, but he behaved like one) that Ballmer was effectively a founder.

It may be true that Ballmer wasn't a great CEO, but would you say the Microsoft today is a better company than the one Gates founded?

I could be persuaded of that, but all the great people and products seemed to have been created then.

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