Who will be the leader of the emergency team?

Who will be the leader of the emergency team which can start with product recall when required?

Is it managed by QA Manager or by top management?

I don't know what standard you are measuring to, but I would think it would be lead by your QA Manager.  They are going to have the understanding of what happened, what needs to be recalled and how it should be executed. Of course, top management would be involved but I would imagine they would just provide the resources to get this accomplished.

Setanta

The leader of the Emergency Prepardness Team should be whomever is prepared to coordinate and execute the recall.  This person must have the knowledge of how to conduct a recall, whom to contact, and how to delegate tasks of the recall to other members of the team.  In many cases, this may be the QA Managers.  In some cases, it may be another manager at the company - it just depends on your company's structure and knowledge base.

In my opinion the leader of the product recall team should be the production/operation in-charge. We have a list of 5 official who can initiate the product recall. Duty Manager is one of them.