There are very few layers of hierarchy. And unfortunately those layers are overly controlling. Managers do not control their teams or pretty much any decisions within their teams, from hiring, structure, communications, even strategy or logistics. The main function of manages becomes to run meeting logistics, be a point person for recruiting, and taking the heat for any problems.
Most folks in the company are very young, including most leadership, and do not have the perspective to understand that this is not typical and does not allow leadership to thrive or develop. There is much hand-wringing about how to develop good leadership, training programs being rolled out, etc. But I'm afraid that without working on reducing the culture of micromanagement that has developed, they're focusing on the wrong things to cultivate strong and experienced leadership, much less retention of those leaders.