A CEO (with an asterisk) is a CEO who accepts that role with the knowledge that the company’s founder will be hanging around, still possessing influence and ownership.

In truth, no one uses CEO*, but maybe they should.

Operating in the shadow of a founder has significant implications. It’s unclear who runs the place. When you and the founder disagree, who prevails? Your tenure can—and often does—end suddenly.

Let’s also flip things around. If you are a founder looking to hire a CEO, what makes you think you can attract a top-notch leader without proving that they actually will have an open field to lead? No one of that stature wants to operate with someone looking over their shoulder and possessing the ability to overrule them.

Even in cases in which the founder does not have enough ownership to dictate what happens, their shadow can make it extremely difficult for a new CEO to thrive. The founder created and owned the company’s culture, and most employees probably perceive that s/he still does.

At one firm I heard about recently, the founder has gone through three CEOs in as many years. Imagine the effect that has had on the company’s progress, growth and profitability.

Dump the asterisk. Keep it crystal clear who’s in charge.