What do companies expect from an IT Manager in respect of experience and skills?

If I hire an IT manager, I look at the following

1. Understanding of technologies and their inter relationship

2. Operations (ITIL knowledge)

3. Ability to set/manage KPIs

4. People management and stakeholder management abilities

4. Continual Service improvement and 'service' attitude

5. Innovation

6. Cost management by lateral and innovative thinking

To keep their business stable and support the business in terms of IT services and business operations.
Manage IT staff handle Projects.
Some companies also consider cost reductions or budget management for IT manager.