The company has been slowly but steadily transforming into an authocratic state with the current CEO reigning supreme.
If only a few years ago the upper management would at least pretend to listen to the employees' feedback then now it's only their way or the highway.
The most recent reorganization and layoffs caused by the change of CTO forced most people into survival mode when they are afraid of voicing any opinion that contradicts the line established by the higher-ups.
When guessing who's next to leave the company next becomes a staple of the leaving drinks ceremonies, you know there's something wrong with the company.