"Being a partner at a VC means you get a lot of executive positions to hand out to your B-school friends who turned out to be underachievers"

You clearly have a bone to pick with the industry and that's fine. But no VC hands out executive roles to anyone they don't believe to be top talent; they'd destroy their own career, reputation, and compromise the returns of their fund.

Now, they could very well be wrong about somebody and give a job to a C- player but that'd be an honest mistake.