There are always exceptional individuals who can be effective managers without direct business-line experience. These people can incorporate the experience of others (by listening to them) and make good decisions.
However, in the general case, having direct experience in that industry's work brings a large amount of perspective on how the industry works. And this perspective can well inform decision makers for decades afterwards.
However, in the general case, having direct experience in that industry's work brings a large amount of perspective on how the industry works. And this perspective can well inform decision makers for decades afterwards.