Pros

Very stable company, 60% of revenue comes from mainframe software, which provides a very strong stable base for the company. The company is wisely using this base to make solid investements in growing/current companies, which ends up giving the company the best of both worlds - a solid base and exciting new products to work on.
Also, one of the best places for a strong work-life balance. Challenging work to be done, but stress-out periods are few and far between.
They pay well. Nothing over the top, but good, solid, pay.
Swainson and team are doing a solid job of running this company, and methodically fixing the major problems.

Cons

Well, its a stable company - doesn't go down, but also, doesn't go up - no matter what you do. Forget about getting promotions/working up a career path - they actually have absolutely no formal promotion policy, and certainly no budget to move you along a solid career path. Some old antiquated systems/policies/groups can make life frustrating - the HR dept (completely outsourced - they really care about their employees :-)!) is one of the worst, trying to procure equipment etc. to get your job done will drive you into the asylum - guaranteed; support systems are mandated to be run on mainframes etc.

Possibly the worst sin at this company is that it still remains a top-down org - there is very little delegation, accountability, and reward-for-performance.

Advice to Senior Management

Delegate, and hold your teams accountable.