It is very difficult for me to answer that question, because it is not at all clear to me why a company would sabotage itself with such incompetent people in managerial positions.
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They don't/can't attract A players; mostly B/C in my (worthless) opinion. That carries down the ladder. Unfortunately, the best leave and what's left - well - you see for yourselves.
The point is not to make employees happy, not even customers or quality of service... and even less to invest in content, products, systems, solutions etc. : it's about making money for the shareholder. Short term money. Milk the cow as much as you can and don't care on how well she'll be next year.
Because they have bad shareholders
These managers also do not understand the products they have under them.