Not to say you can't, but when you can outsource your development to a bunch of code jockeys overseas, being a programmer becomes limited. In fact, we only employ a small number of true programmers. Mostly we have tech leads, architects, managers, etc., while all of the actual programming is outsourced. While our people know some programming, you don't need in-depth programming skills to do a lot of the higher-level jobs. It's more about managing the people, QA, dealing with the business, etc. Unless you work for a very small company, the CIO isn't slinging code. Neither do the directors or managers.
Mechanics don't lead car companies.