No offense to the author, but what a terribly written article full of logic holes. For example:
'Our parent company's former CEO started off as a programmer 25 years ago, switched to manager; in 15 years he went all the way to being CEO of a $4B company. After 10 years he retired recently with mansions and cars and no worries. Meanwhile I work with people who started around the same time and who are still senior software engineers.'
So the author just picks one person that happens to be the CEO evetually? What about the rest majority of managerial forks? They probably are stuck in corporate ladder and even may be fired already. The chance of a person working on a corporate managerial job evetually becomes a CEO is likely no higher than a tech person eventually becomes a CTO. So why just pick one CEO person to illustrate managerial role is more promosing than tech role? Comparing the max value of a group to the average of another group is unfair.
Also, I program because I love programming. Even if you gave me one billion dollar making me manage people for the rest of my life instead of writing code, I would still turn it down. If doing the thing I love is dead end, then I beg a different definition of dead end. Okay, just use author's definition of dead end as slight chance of moving up, but I just don't care as long as I love the job I am doing.
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An interesting side note is programming as a hobby. But I would still rather programming both at work and a spare time, as long as the day job I do making me happy.