The parent comment makes a fair point in my opinion. The job you're describing is done by the #2 at a university (provost or executive vice chancellor or whatev

The parent comment makes a fair point in my opinion. The job you're describing is done by the #2 at a university (provost or executive vice chancellor or whatever title they want to use). The president's job is to court 7 and 8 figure donations and to be a symbolic figurehead. Not all of this money is wasted; often the donations go toward supporting research or paying grad student stipends. Administrative bloat is a huge problem at universities but I actually no longer see the presidential salaries as being very objectionable relative to other forms of waste I've seen, like the money spent on stadiums or unnecessary luxury amenities.