I think this is very naive of him, and a little selfish. He's enjoying the title of "President" which, to me, is a purely managerial position. I doubt if he considers himself useless, but he's happy to label other managers useless. I might be wrong, but it seems that he's either too selfish to see other people take away some of his control or he's afraid to tackle the problem of a growing company. Both of these will have negative consequences in the future.
Just for the record, over my 14+ years in a technical field, I have been a manager for 5+, and have given up that title twice before to focus on more technical work.