Hi Sujith,
Executives outside India are generally referred to as top individuals in organizations who hold positions such as Head or are related to the strategy in the respective functional areas. They oversee many managers.
You can distinguish between:
Executive - General Manager: "Managers may lie, but General Managers do not."
Managers: They are people directly running the show.
Here in India, we often interchange the actual meanings.
Kind Regards,
Tikam Singh
Pune
Email: tikamindia@rediffmail.com