[ci5er]

Yes. I don't know how regular it is, but Austin Ventures used to regularly kill founder CEOs after Series B (maybe (probably?) correctly), but replace them from a bunch of bench-players (we used to call them "the Boys Club". They would generally wreck the company, but AV played enough shell games that they, the LPs and their friends always made out OK.

EDIT: They (AV) have more recently (not super-recently) moved into mostly PE, and the incubator seems to be gone (?), but given the VC penchant to syndicate, and AV's penchant to not be nice to work with, even as the big-fish in a small pond, the number of people at places like Interwest or Sevin Rosen to work with them (Central Texas VC types), maybe they felt constrained? Or maybe they shot enough entrepreneurs in the back? Their 5-year-ago-fund was big enough to qualify for PE activity - maybe their new-new partners (the old ones retired about that time) decided they would prefer to apply their Wharton MBA skills/talents to PE? IDK.

[ci5er]

By Gawd - I certainly don't mind being down-voted, but since this is not Reddit, would people give the courtesy of telling me what they disagree with? Is that too much to ask?