No, Parson clearly states that you need a warlord within the stack and, as SteveMB has pointed, there is plenty of evidence for multiple stacks existing inside the same combat hex.
What we are not aware of is the biggest possible size for a stack. If there is a tactical grid within the hex, there may be a physical limit on the size of a stack.
Well, Ansom was afraid to push through an hex with only 6 healthy dwagons.
We really don't know much about in hex combat. We haven't seen yet a full scale battle. Up to know GK has only invested relatively few units in each attack. Hexes are huge and I don't believe you can control all of it with a single stack (at least a non-flying one).