The leap from senior developer to vice president is a lot further than you're implying... a lot further.
Senior Developer in the "outside world" typically means Associate in the banks, and VP is the next rung up from Associate, so VP really is just one hop from Senior Developer.
Just how they do things there.
And its not unheard of. My sister-in-law worked from startup contributor to Cisco VP by applying for the next job up, one at a time, from company to company.
I was an intern in a team where everyone who's been in the company for more than a year was a VP.