This place is the embodiment of how companies were run 30 years ago. There is a small group of Executives who hire and appoint managers, often from people who have no skill being managers. The Executives then give no support, guidance, or power to those managers. You are left twisting in the wind.
The best part is that working here is like being in Office Space. The parties are these drab awful boring experiences that are forced on you, just like the scene with the cake. Managers just stand around telling each other how awesome they are doing while Rome burns around them.
The entire place just reeks of misery. They hire somebody who comes in all perky and full of ideas, and that person quits in under a year.
They are going to have to change or they die off, unable to hire anybody but mindless robots.