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Bringing In a CEO

Sometimes it's best to give up your company's top job.

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This story appears in the March 2007 issue of Entrepreneur. Subscribe »

Ben Kaufman got the idea for Mophie, raised initial funding and turned it into a business while still in college. But as the Burlington, Vermont, developer of iPod accessories and other digital lifestyle products headed for its first anniversary and the $1 million annual sales mark, Kaufman, 20, saw the need for a more experienced person atop the organizational chart. So he hired Dave Schmidt, 45, a veteran youth consumer marketer, as CEO and demoted himself to head creative person. "I started the company so I could take ideas and have a forum for introducing them," Kaufman explains. "Hiring a CEO was the next logical step."

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