I've been a team lead and I'd do that again, but I've turned down invitations to interview for higher-level roles because I prefer to stay directly involved with architecture and development. You can always try to go home again -- I've seen it attempted -- but somewhere around the VP level at a stable, established company, if you're contributing code daily or involving yourself closely in the design process, you're doing it at the expense of your real responsibilities. I don't like having to decide between what I want to be doing and what I'm supposed to be doing.
This is incredibly true, and I have seen a CIO fired for, in part, exactly what you mention above. I also once had a manager who, as it turns out was also an amazing manager, but clearly had a nagging feeling every day that he didn't get to do network admin.
I've worked under people like that before, where a techie moves into management but clearly can't let go of the low-level details. Instead of finding a suitable outlet in their free time, they meddle with the code/database, and everyone reporting to them suffers for it.
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