Racism emcompasses a bit of a different scope, including policy, institutional structures, and norms, of which stereotypes is directly related to norms and can be indirectly influential on the others.
However, the comment I originally reacted to would be definitely qualified as being "raciste" by most French speakers (and be illegal in France)
As for the legal part, calling all people of a given origin "bad managers" is definitely illegal here in France (once again, speaking only about what I know of)
If we were to believe that structural racism was the only kind of racism, we'd be forced to conclude that people can't be racist because people aren't structures.
But it's precisely the opposite as structures are composed of people and racist people are often the reason we have structural racism.