Eh, no, that isn't how it works at all. The purpose of business is to make profits (you got that part right), but it is to make the shareholders rich, not the upper management. And if you're going to decry shareholders, think again -- if you have a retirement plan, you're probably a shareholder in many of these companies and your retirement depends on these guys.
Upper management is "made rich" by the compensation contracts awarded to them by their boards, who are allegedly working in the interests of the shareholders so that someone is hired who will not only maintain profitability, but grow the business and increase profitability. Yeah, I personally think many of them are paid too much but that isn't my decision. My big concern is that the boards have become a "good ole boys" club and award these insane compensation contracts as more of a "I'll scratch your back if you scratch mine" favor than for actual reasons of merit. I wish shareholders had more of a direct say because many shareholders are getting very angry with these compensation contracts. After all, they're taking away from my retirement.