Having gone to a private university with a highly paid (probably not 1M+) president, this is unsurprising to me.

University presidents and the vision + fundraising prowess they bring to these schools can be pretty amazing. The school I attended was quite small with a mediocre array of programs and athletics. After 10+ years of the current president's shepherding, the school has undergone a transformation in student body size, program depth, and athletic accomplishment.

All of these things mean more students in the future and an increased alumni pride - both of which mean more revenue to the school.