Yes. It even happens to e.g. professors and the deans of universities.
This is why I think even the fuss about Noam Shazeer joining OpenAI needs to be seen within a context; as good as this hire is, there is no inherent reason to believe he still brings some secret undiscovered magic that others do not have in a more current form.
This is why senior swes are known to provide so much more value than principals.