QLogic – “Good while it lasted”

Pros

Well respected engineering talent and class-leading technology portfolio.
Operates in a duopoly
Financially stable
Not a huge company, but has a lot of resources
Conservative management style, fairly predictable

Cons

Because is so conservative, tends to miss or delay opportunities to enter or commit to new markets.
For sales people, is not a place you can get much upside. Quotas are adjusted hourly. (kidding...but they do adjust them during the year, which is dirty pool)
Entrenched management and board leaves little room for internal advancement "thru the ranks"
Will be ruthless in cutting entire divisions or culling lots of employees in re-organizations, often spurred only by the arrival of a new executive who changed a bunch of stuff, then doesn't stick around anyway - disrupting the lives of dozens of employees for no reason.

Advice to Senior Management

Reward loyal employees
Don't let new executives "put their fingerprints" on the organization unless they have a commitment (including penalty) to be there long term. Why should they get to fire dozens of loyal hardworking people just so they can bring in all their hangers-on from past jobs, then bail when things don't magically get better (like they had over-promised)?