Pros

Good Brand name
Still Market Share Leader

Cons

No chance for promotion
Engineers are treated as second-class citizens by MBA grad managers
No innovatation, simply to mantain staus-quo

Advice to Senior Management

Start getting rid of some layers of management. There are too many instances in the reporting structure where a Director has a single Director, who has a single director under him/her.

Consider laying off some director-level management instead of all taking the cost cutting on engineers in the trenches.