Company is coasting on revenue from a bygone era, when its technical leaders made EDB a leader in the Postgres community.
Wasting untold sums of money to pay incompetent middle management to waste everybody's time. Many (not all) dev managers have never used the product and do not understand it at any technical level. To fill the gap and protect their job, they call pointless meetings and spend time building their fiefdoms, more concerned with toxic politics than building a good product. Most of them wouldn't know what a good product is, because they don't understand the details beyond some funny-sounding words that fit together in a list of priorities.
The CEO is out of touch with the industry and community, a problem compounded by the fact that he's surrounded by "yes men." He places an inexplicable amount of trust in an utterly incompetent CMO. The XLT takes the CEO way too literally. Nobody is willing to tell him "no" or translate his (actually decent) strategic vision to practical priorities.