I have been an individual contributor at large corporations for more than 10 years. Every time I have had a colleague promoted to manager, they always planned to stay technical and keep coding. Every one of them, without fail, stopped coding because they were too busy.

Thinking back to my managers who left for other roles, only one quit to work in higher management, the rest all went back to working as developers.

I worked at giant, globally distributed companies (15-25k employees), so I imagine that my experience is not typical.