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Don't talk to board about firing the co-founder, talk to the board about making the company successful. If that requires replacing the co-founder they are perfectly capable of figuring that out.
1) S&M? Sales and Marketing? At some point in the comments you mentioned that he's the financial guy in your team. I assume because you're writing this on hacker news you're the product guy. So I assume you're comparing his tasks with what you do day in day out.
I started a company with three other founders 6 years ago in Berlin. We had depressing times, but also great times. I left the company a year ago to join one of our VC and after 5 years I was the first to leave.
During those 5 years, I had moments were my co-founders didn't live up to my expectations. And the other way around with me. In retrospect I even think that two of us had a burn-out during the time (which results in exactly the behavior, described in the article you've mentioned) and because we had constantly re-invent our jobs.
And during the time were we re-invent our jobs, we're not that productive - or appear not productive - for some time. Give him that time, you'll need it at some point too.
2) You've started that company with him and you've raised funds. Congratulations, because at least your investors are thinking that you are a strong team - otherwise they wouldn't have invested in the first place.
From your ask and comments it sounds like your relation with your co-founder seams to be already hostile. For the sake of your company, you have to put aside feelings and put the interest of the company in front of everything. Which means your _ego_.
get some consultancy and figure out how to communicate on a professional level.
Someone mentioned to put up goals. I assume you have some, so try to reach them. If you don't need them then there is always the option to get another co-founder - maybe a more senior person - into your company.
Good luck.
Maybe he's not pulling the weight, but like a movie the other day, a Washing Machine works hard, so what.
Think through if he's benefitting the company in his total contribution. If you want more from him, ask. If he won't do it, explain it's unacceptable and go to the board.
Like badclient states, it's going to come down to perception based on asserted facts. Those facts will be interpreted through the lens of relationships.
I have been through this before, I can help if you want someone to bounce things off of real time.
If you convince them of your case, seek their guidance in approaching your board and other influencers. You should also seek advice from the company's legal counsel, he is obligated to protect your confidentiality. Also quitting or firing are not the only two options here, but I'm sure your legal counsel should know about this type of stuff.
How about this OP - who are you to fire your coworker after he got a cosy relationship with a board?
This is literally no better than firing an 'idea man' after they did nothing, except just bring an idea, set up a company around it, and code the first version.
Who are you to do that? If you were good enough to found and run a company by yourself, including raising money, you would be doing that. Where are all the companies you founded and ran by yourself in the years and decades you didn't have your current cofounder? Even if he showed up to work three days: one day when he talked with you and then brought a huge investment from a board that you couldn't bring, then 18 months later to sign some Series A papers with you after discussing them by email, and the third day he to sign the IPO documents before quitting, you should still STFU and thank your lucky stars you're allowed to get 40% of an actual company that he actually orchestrated for/with you, in exchange for nothing more than working there, much as you might for whatever salary "S&M" or "product design" is worth.
It's not your co-founder's job to work for you. Who do you think you are anyway? Go design a product or do sales at a big conglomerate if you want pay grades, or go found a company by yourself if you don't need the things you've already listed your cofounder as bringing, including a cozy relationship with a board.
If you can found a company and raise money for it by yourself, go ahead and give yourself a 2.5x equity raise up to 100% by getting the fuck out and doing so. enjoy 100% of what you feel is 100%, since you feel your cofounder didn't add shit to the mix, in your extremely personally centered opinion.
Everyone else here has it 100% wrong, IMO.
I had to let go of my full-time assistant today. The holidays are over; do what you have to do.
My take here differs a bit from that of the rest of the thread. How about this OP - who are you to fire your coworker after he got a cosy relationship with a board? This is literally no better than firing an 'idea man' after they did nothing, except just bring an idea, set up a company around it, and code the first version. Who are you to do that? If you were good enough to found and run a company by yourself, includ…
So someone with 40% of the company thinks the other guy with equivalent ownership isn't worth his share? What if that guy thinks the same thing about you?
The other guy apparently has employee loyalty, funding, and administrative controls on his side...
I am not at all convinced that the OP deserves sympathy for wanting to screw his business partner, and publicly soliciting strangers' advice on how to go about doing it.
If I were the other guy, I'd put this HN comment thread in the hands of my attorney and take my own case to the board. Sounds like the jig is up for this partnership, take it out back and put it down.