I once worked for an exec. who would absolutely fry anyone who was even one minute late to a meeting. It never happened more than once.
Yes, I think your boss was right to maintain standards. Even more, for a person in high prominence. It is just not classy to be always running late.
“Punctuality is the politeness of Kings.” Louis XIV
Louis was pointing out a most important thing, which is that if you are the one in power, everyone is waiting for you. Therefore to be late is to lack courtesy.