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If you ask me, it depends on what you expect out of the manager. Or really more importantly, it depends on what that manager's style of management is. A manager with no technical skills can manage IT great, if they are willing to regonize that they don't have IT skills and therefore place that much more level of trust in the suggestions and evaluations of the members of thier team that do. If you have a manager that wants to micromanage the technical detials and yet does NOT have the technical knowledge, I mean, of course, you're going to have a problem!
Likewise, as I was saying, if the manager has good management skills. If they listen to and place faith on what thier tech people tell them, then they're still going to be a good manager even if they don't nesscarly know the difference between stack and heap memory.
Of course, you might say its not possible for someone to have good management skills, and still want to micromanage the technology of something they don't understand. Well.. lets just say I don't know about that.