I would go so far as to say that outside of technology companies the concept of a product manager is almost completely foreign. Instead, the "small CEO" is usually the business project or portfolio manager, which is often a role completely separate org-wise from the IT folks doing the work. On the one hand, the justification for this is "better business alignment", but that's just a lazy way of justifying the nepotism and political wrangling that marginalize IT organizations as purely a cost center rather than a revenue enabler.

Source: spent 15 years in "big IT", in roles from programmer up to senior director, and this is why I left.