As to who has what title, that's an important factor and time will tell what's right, but really its about building a group of talented people that can function as a team and get the job done. There are no silver bullets in building a company.This is entirely true, and it's particularly relevant to startups. Hierarchical organizations are detrimental to the success of small/innovative businesses, as is the dependence on such a "world class" CEO or any one individual.
Fred Wilson, of Union Square Ventures, has a fantastic post about the always-desirable dream of hiring "world-class" CEO's at portfolio companies. His comments are hilarious, as he's clearly in one hell of a mood.