That's really not much in the way of qualifications, when you think about it.
Long-winded example:
I am a software engineer for a fairly small health care firm. Our CFO sets the various department budgets, including IT. He sits in on meetings with our CEO and CIO when discussions about major IT projects and priorities come up. He's good at his job, a fairly nice guy, and I'm glad we have him.
However, while these responsibilities make him slightly more knowledgeable about IT issues than our receptionist, he's still not qualified to be CIO, or take on the role of CEO at a software engineering firm. Being able to set a budget and know what projects are being worked on is a tiny, tiny subset of the skills the manager of an IT organization needs to have.
Your summary of Panetta's credentials reminds me of my CFO. Panetta sat on committees and reviewed Intelligent budgets, as Clinton CoS he probably knew about many of the sooper-sekrit stuff the CIA was up to, but IMO that really doesn't translate to having the skills to manage an Intelligence organization like the CIA.