Karthik,

You stated it correctly. It applies to other management candidates outside of just developers. Individuals who are top performers in one area may not be the best managers moving forward. The top performers may be great at execution, but may not have the strategic mindset that is necessary to enable their subordinates. The real key to management is to develop the members of your team professionally while ensuring they have enough freedom to grow and innovate. You cannot gain the respect of your team if you are a taskmaster. You need to define expectations clearly, ensure that you support and guide your team members and allow them to grow professionally. This is something that requires work and even goes against human nature at times, but this is what is required to truly maximize the potential of your team.