This is impacting the team b/c he takes away lower level decision making responsibility, while not spending the time he needs to spend planning out and setting top level vision.
1) Ask him for his deliverables to you frequently. If he's a program manager, presumably part of his job is to fill you in on context and the goings on outside of your group. Ask him for those regularly. Ask him to present the planning and top level vision.
2) Be direct and tell him what you just wrote -- that you expect him to delegate and trust and not dictate now that he's been promoted.
Every manager has different ways to lead, every person has different behaviors that make them more or less likely to follow someone who is leading. The whole team needs to work out the right dynamic and be truthful with each other and managers need to be truthful with their employees as well as with themselves.
It may turn out like it often does, great developers who understand the product and project inside out don't automatically make them great managers