I don't think the job is a "figurehead", which I also think is different from a "CEO university president". Nobody says you have to be an "academic" to be a good university president, but you definitely have to understand how academic research works, how it is funded, and how it is monetized by your institution.
That's why I think Sasse is going to struggle when transitioning from a tiny NON-research school (enrollment ranged from 600 to 1300) to a massive Top 40 "flagship" state university with a major research mission. He can hire a bunch of guys to help him, but if he doesn't know what to do, he'll be underwater in no time.