I think it's a time-line situation.
"Out-of-touch executives" was installed in late February, and written up on The Register in late March.
"Out of touch management" was something I first heard about in the NYT on June 22. I did some research, and the week prior to the NYT piece there was one or two bloggers who had discovered that "out of touch management" worked, but other than that, there was no out-of-touch management bomb. The NYT was mistaken. The "management" worked because it was collateral damage to my original bomb. Out-of-touch Sergey and out-of-touch Larry worked as well. Management worked especially well because that word is in the title of Google's page and also in a headline. The NYT ran a correction on page 2 on June 25, admitting that the bomb they described as coming from disgruntled Google employees was actually from me, a person who runs a website critical of Google.
My hypothesis is that Google put the fix in and started the update cycle prior to the NYT piece. At the time the fix was put in, they were not aware that "management" was also an issue. Heck, I wasn't aware of this either! (It took between four and six weeks for my original bomb to become stable, so my assumption that the current update cycle started before June 22 is not unreasonable.)
Long story short: Google didn't put the fix in for "management" because they didn't know that "management" would be an issue. The only fix they installed was for the adjacent words "touch" and "executives." The juice is denied from my bomb only if these two words are adjacent in your search box. If they aren't adjacent, then the juice still works on each word individually.