Personally I work remotely in Norway with a similar commute, but I do travel into the office for some face to face meetings. Most is done via slack or something similar though and my productivity is vastly higher. I also don't need to waste 2 hours every day of my personal time that I can instead spend with my wife and children.
They also save on office space.. I don't see how this is not a win win for everyone either.
Your ex CEO sounds like a psychopath.