Soxblog defends Larry Lucchino in his Farwell Theo post. He believes the top of the pyramid is more important than the GM:

REGARDLESS OF WHY EPSTEIN LEFT, the franchise will be okay. What made the Sox special the last few years wasn’t Epstein as much as it was the guys who had the sense to hire Epstein. Ultimately the people at the top determine the long term direction of any organization. Theo Epstein did a great job here and will doubtlessly be missed.

But the principal difference maker in this franchise has been Larry Lucchino. He’s not going anywhere, and as a consequence all will remain well in Red Sox Nation.

I agree to a certain extent. With John Henry owning the team, we're likely to see someone with the same philosophy as Theo take over the team (as opposed to what will probably happen with the Dodgers). I have no doubt that Lucchino's a smart guy, but if he knows so much about running a baseball team, why hire a GM? Why not just do it himself? Call what was Esptein's job assistant GM, have him do the same work, make the phone calls, negotiate the trades, but the give the final approval to Larry. Then the guy knows where he stands, and won't insist on having the power that goes with the position. And you won't need to pay him like Brian Cashman.