Not exactly true (Score 1)

This may very well be true for the manager of a technical focused team, for example, IT shops consisting of 20 IT workers with less than 2 million dollar budget.

In most large IT shops (500 workers plus), the executives mostly deal with budget and decision making, they generally rely on technical managers to advise them of the technical options.

The term "IT boss" is too loosely defined. For technical managers, I couldn't agree more that they need to have a clue about technical stuff. For executives in large IT shops, they have to manage hundreds of millions of dollars budget, so finance, ability to understand and decision making ability is much more important than actual IT skill.