Depends on the industry. I’ve worked in a manufacturing organization where managers were scattered all over the place and it was a disaster. If the job requires synergy and personal interaction, people need to be under the same roof. Otherwise it’s probably fine, unless we’re talking about trying to manage engineering teams in India or China...
I managed an international project (UK, Switzerland, Czech Republic, Mexico) with only email and a conference line, all while sitting at my desk in World Headquarters. Only made ONE trip to visit, and that was more of a “Thank you tour” after it was all over.
Having said that - There is NO WAY they would let me telecommute! I had to drive to the office every day to manage something I could have managed from my back porch... (or my front porch, or my breakfast table...)