As Artificial intelligence (AI) transforms industry, the role of AI Product Managers (PMs) has evolved to navigate the complexities of AI-driven products. This research employs grounded theory to explore the evolving role of AI product managers (PMs), highlighting their unique responsibilities, challenges, skills, and key traits. AI PMs engage in extensive crossfunctional collaboration, data management, ethical AI development, and continuous learning. They face challenges such as ensuring data ethics, navigating AI regulations, managing the high cost of AI models, monitoring model performance, managing AI hype, and building user trust in AI products. Essential skills include technical proficiency, data literacy, critical thinking, and effective communication, and traits such as curiosity, growth orientation, and passion for AI are crucial. The study reveals how AI impacts the product lifecycle, such as by accelerating prototyping and extending the ideation and post-launch phases. This comprehensive analysis provides valuable insights into the dynamic role of AI PMs in a technology-driven landscape, and illuminates an archetype persona of an AI product manager.