Valve doesn't have a CEO. It's an undifferentiated mass of people, at least as far as power structure goes -- sort of like a slime mold. I think that's a lot different than having a CEO who prides himself on being an inspirer instead of a controller (if I'm reading the article correctly). In other words, it sounds like he is a constitutional monarch. (Of course, that bursts the whole "American miracle" thing about him being like the president.)
However, is there an underlying truth at Valve, that if he wanted to, Newell could fire everyone on the spot? I have no idea if that is true, and if so, don't necessary think such an arrangement is bad. But if that is the case, it needs to be acknowledged that authority, even if unstated and unexercised, still has an effect.
The "American miracle" thing bursts if one spends more than a few afternoons noting that the combination of lax IP laws and WW I and II were a great deal more influential than structural detail.
