From LQWiki

1) A derogatory slang term used to describe the average business person who wears a suit(see def. 2) and has absolutely no clue about anything technology related.

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2) a set of garments (usually a jacket, pants/skirt, and shirt) made from the same or complimenting materials. Worn by suits(see def. 1). standard attire for most of the business world.

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