It depends on how you interpret the word. No-one needs to tell the Development team how to transform Product Backlog items into valuable increments, but by defining the Product Owner as the translate the business side to the development you are selling the job short.

Figuring out what is valuable and making sure that is reflected in the order of the Product Backlog, influences what the team builds, but not how. So in a way the Product Owner leads the product, whereas the team leads the solution.