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Good luck fixing that bug you don't have as much context on as an engineer who is familiar with that part of the code, while mentally preparing for the investor presentation on the same day.

Having seen dozens of code bases, products, and failed startups, the number one trait a good VPE or CTO should have is to vehemently prevent over engineering and accidental complexity - via coaching the tech leads, doing design reviews as needed, and making decisions and tradeoffs.

She should have strong opinions on how code should be organized for simplicity, but she should not code. If she can enforce good naming conventions and APIs, she is gold.