Disastrous acquisition
Internal focus
Cultures not aligned
A leader who wasn't able to do the job.
Let's be clear - Penna wasn't great, there were cliques. SLT needed a serious shake up, as did some of the heads of departments and team leaders. There were some questionable hires that should have been fired as soon as they started. LHH at least managed to get rid of the dead wood but they also lost key talent in people who could see that the cultural fit didn't suit and that the leaders weren't up to the job.