People who do "growth" and "strategy" invariably seem to believe they're worth the big money, even if they're actually harming their organisations and lowering their effectiveness and survival prospects.
If they're as good as they think they are they should have no trouble selling their innovation elsewhere.
Handing humans a revenue stream and a dictate to "keep a steady hand on the tiller" seems prone to the same failure mode as asking a proverbial AI to "just make us some paperclips".
They had all of their growth and innovation, and couldn't keep their own basic website up (before being posted to HN) [1].
Presumably it was, as you say, a justification.
[1] https://twitter.com/444rrrggghhh/status/1374103065889026053
You pay yourself in excess when you think your business's ROIC will be poor/risky or your tenure will be short. These folks are either not very smart or just hypocrites.
They thought they were in charge of running a shiny business that was in the process of transforming away from being principally a domain registrar, in the name of growth. The CEO was a mergers and acquisition specialist.
You can find their stated reasons for believing that growth was vital here: https://www.nominet.uk/the-case-for-growth/
« Without growth, we can’t innovate, and innovation is essential if we are to be ready for new technologies and emerging threats.
Without growth and innovation, we can’t keep our vital staff who connect more than 10 million .UK domains and maintain our service without disruption or downtime. »
I don't know whether they really believed these theories, or whether they really think of growth as an end in itself and were reaching for justifications, but the latter seems more likely to me.