A month after I started, they re-structured the management hierarchy, and a year after that, they made the move to a for-profit structure. These changes clouded the actual mission of the company, and it lowered morale everywhere. Political games were played during the management re-structure, preventing several people deserving of promotions and creating an untrusting environment that remained for the duration of my employment. This extended into the technical hierarchy, making it difficult to become technical reviewers and leaders unless you played the games. I knew of several colleagues that left because of it.
The other major drawback of the management re-structure was the movement of managers into departments of which they had no knowledge and/or about which they didn't care to learn. The departments which which I interfaced were run in the same manner with very little flexibility for the nature of the department's business. Some groups had a harder time getting projects through, but the whip was always cracked onto other groups less deserving.