As a counterpoint, my son and two of his buddies started a company to create a specialized chip. After 6 months they hired a CEO who had founded his own company and sold it for 9 figures (I believe). The CEO got no salary and got stock only if he raised the necessary funding. Six months later he raised mid 7 figures from angels and the founders still had control. They have since raised another similar round from angels.

Interestingly, they used VC's to recruit the CEO, but not for the money.