When the founders have control, they're the leaders and directors have to follow. When the directors have control, they lead and the founders have to follow.
Generally, founders are more successful leaders of their own companies.
Is that just because bad companies remove their founders in a last ditch effort to survive? Is that because bad founders can screw the company before they are removed?
Generally, VCs are equity portfolio managers and not qualified to lead a company. Even when they are successful founders themselves, they're almost never the right people to lead another founder's startup.