Pretty much this. If a potential leadership hire is willing to walk away solely because of the pay then they are clearly not the right hire. Of course they should be well-paid. But the job is about the job, not about the money.

If they aren't sufficiently excited by the mere idea of being in charge of the company's products, services, and future direction, doing a good job for customers, shareholders, and employees, then they should look for a different job.