Sometimes good managers and executives fail to become good leaders. What should be qualities in a person to become a good leader?

In summary i can say that the different between Manager and Leader as the following:

Managers have employees. Leaders win followers.

Managers react to change. Leaders create change.

Managers have good ideas. Leaders implement them.

Managers communicate. Leaders persuade.

Managers direct groups. Leaders create teams.

Managers try to be heroes. Leaders make heroes of everyone around them.

Managers take credit. Leaders take responsibility.

Managers are focused. Leaders create shared focus.

Managers lead to targets.  Leaders lead to the vision

Managers do things right. Leaders do right things

Managers administers. Leaders innovates.

Managers a copy. Leaders an original.

Managers maintains. Leader develops.

Managers focuses on systems and structure. Leaders focuses on people.

Managers relies on control. Leaders  inspires trust.

Managers has a short-range view. Leaders has a long-range perspective.

Managers asks how and when. Leaders asks what and why.

Managers eye always on the bottom line. Leader’s eye is on the horizon.

Managers imitates. Leaders originates.

Managers classic good soldier. Leaders is own person.

Managers does things right. Leaders does the right thing.

Managers exercise power over people. Leaders develop power with people.

First point to be noted in a leader is ones self motivation and confidence in his/her potential skills. if the leader is able to know himself/herself better only then he/she can become an effective leader for the current era as well as the future era. He/she can improve in areas where one lags by attendting leadership seminars or reading blogs by unspiring leaders.

A leader needs to provoke knowledge, Motivation and inspiration among their team member to invoke the maximum efficeincy and outcome.

Human touch may be missing out of these managers and executives. 

Inspiring, nurturing and caring are these three qualities may have to be added to while managing employees. These are people management qualities one should have to lead successfully. 

The most important qualities is team leadership and transparency 

1. People conversation: know your team, care enough to push them to the limits and develop them.
2. Empowerment: entrust capable team members with more responsibilities to develop them, make more time for more strategic decisions and help them overcome major obstacles.
3. Decision making: as the saying goes, more is lost by indecision than wrong decision. Know what needs to be done and pave the way for others. Calculate the risks but don't take too long to reach a decision.