First, a new remote senior leader took over. He doesn't visit the team or understand them well. He puts pressure on the managers to deliver projects that make his bosses happy by looking sexy, even if they cause more operational issues for the customers. Operational issues = oncall hell, so more devs burn out and quit.
The experiment is going great.
Phase two began recently. Of the three remaining managers, one quit and one was fired for not brown nosing to the remote senior leader enough. (Push back on bullshit projects? That can't be allowed). The single remaining manager is the ultimate brown noser who happily causes his devs on call hell in order to make senior leadership happy.
The devs are all looking elsewhere for work. The general mood is in a freefall. People are taking long vacations away in cities that also have lots of tech jobs.
It's all a fantastic experiment in how to implode a software organization. I really hope to meet the control group some day- they won't believe how lucky they are.