As a first-line manager, you directly assign work to individual contributors, measure their progress and deliver immediate results - e.g. specific product features, project releases and architectural designs. A lot of time is spent in directly managing these contributors within the team.
As a second-level manager, you're no longer directly managing individual engineers; instead you manage multiple teams, steering each towards success and eventual independence. At the end, your first-line managers are managing their teams autonomously and only highlighting risks and issues to you.
A specific algorithm for achieving VP-level success:
- Set the overall Vision
- Define Strategic objectives and Tactical goals (i.e. the criteria for success)
- Measure key metrics to track progress towards those goals
- Identify core blockers (people, processes, tools), current and future
- Focus on achieving a solid, high-performance team