By this I mean that managers are responsible for maintaining stable processes, controlling costs, and motivating personnel: they supervise the companies subunits. Managers are consumed by the routine, repetitive operations of the business. For this reason they are often thought of as advocates for the status quo and for stability.
Managers focus on measured outcomes because they are rewarded by the business. It's no surprise to understand that two basic principles are at work in this context: 1) what gets measured gets paid attention to and 2) what gets rewarded gets done. These two principles draw sharp boundaries around the manager’s job and around his expectations for his subordinates.
A leader resists the status quo and proposes changes. Leaders are supposed to be visionaries who succeed in persuading others to share their vision for the enterprise. Leaders change the ‘rules of the game’ when they articulate a new business model for the firm. This is called transformation and it is why we refer to some top executives as ‘change artists’ or ‘turnaround specialists’.
Managers accept the Leader's vision and they lead the troops in day-to-day operations to achieve it. A less glamorous description to be sure; but an absolutely crucial one for achieving the firm’s financial and strategic goals.