Would not say project manager is more 'senior'.

Over here, on most graduate schemes you can straight in as developer, consultant, project manager depending on what you chose. You usually start of as assistant project manager though.

It's a separate career path, not a senior role.

In Europe the term "executive" when applied to a job title may mean something different to your perception. e.g. a Sales Executive is less senior than a Sale Manager.

Yeap, he "downgraded" from executive to developer at one point, not a very smart decision but that's how things are...