Well, taken at face value, it is a bit of an oxymoron. To contribute is to be part of a group; by definition, a contributor can't be wholly independent, because they're adding to a corpus, not producing it by themselves.

Oh, I take it the other way. To me it implies that management doesn’t contribute anything on their own, which is kind of true but also kind of a funny phrasing.

It stands for Individual Contributor, not Independent Contributor.

True. Who is not an individual contributor? I find the term meaningless.