No, it doesn't make sense for you to do a PhD. In fact, it is likely to be a slow-track way of achieving what you want. It will take you a few years, and it would not be financially rewarding during your study. In addition, post-PhD, you may not even get as much as what you are getting now. And no top schools would want to accept you if they ever know that you are aiming to be a VP than a AP (Assistant Professor) immediately after your studies.
Actually, given your background, I don't think it is the lack of degree that is stopping you from getting what you want. I can't speak of your competency, but perhaps it is the lack of opportunities, being at the wrong place, or doing the wrong thing? Maybe speaking to career "counselors" may be useful?
In any case, if you are thinking of get another degree, you may want to consider the ISM Master at Heinz School in CMU
. I heard it has good reputation and placement records. However, note that the highest salary for 2007 placement is $100k - which is not bad by itself, but comparing to what you are getting now....