I'd extend that leadership in the form of management needs leadership in the technical aspect as well. The two need to work in tandem to make things work. Imho the best technical leads are usually not the smartest ones, they are those that best utilize their resources - read, other people - and are force multipliers.
Of course you need the people who can deep dive and solve complex issues, none doubts that.
>>Partia+(OP)
I'd go further than even that! You need 3 forms of advocacy in leadership for a successful business, business/market, tech, and time. The balance of those three can make or break any business.
You can see this at the micro level in a scrum team between the scrummaster, the product owner, and the tech lead.