The whole point is that the previous CEO and the one that arguably kicked off this whole mess did in fact have both a degree and background in engineering. Your mindset and business philosophy matters far more than your degree.
I completely agree with you, and therefore with the idea that having a background in engineering is still not a guarantee of success or even good practices or good business philosophy.
I disagree however with parent's implication about those difficulties being some sort of justification for malpractice, and my argument is that having engineering-capable managers should mitigate those issues in a properly managed company.
People don't realise how hard it can be rebuild the organisation once sufficient corruption has set in. If you do away with top talent, processes and promote regular career managers to run things for you, they will do everything in their power to ensure no right people will ever rise to a position of power. This is for a simple reason that they feel a threat to their jobs.
At that point in time, there is no way a company can resurrected bottom up. Your only options are getting some great talent and then tearing apart the whole company and rebuilding it over time. This is not even possible after a while.