Definitely. I'm a team lead (duties: mix of team management, project management, and some IC development), and my mentor is on the management team, and I mentor a junior dev. One of my prior mentors (as a junior dev back then) was the company founder/CEO twenty-five years senior to me.

Of course, that founder was one of the originators of XP practice, and ran our company on those principles--pairing, fast feedback loops, and mentorship for all (he's since handed over the company to his #2 who he mentored for a decade, and who is continuing those practices).