We have the concept of a Major Incident/Major Event (because the term Code Yellow is already co-opted to mean any administrative fault across a hospital which might impact the flow of patients).
These are all-hands-on-deck moments. They may be called by any member of staff who discovers an event which will impact our service, though it will be ratified by a Major Incident Manager (MIM). While the event is underway the MIM is God; except when it affects staff welfare. If a member of staff says that they cannot attend a war room for whatever reason, then the MIM will move onto the next person up the chain, even calling in directors if they feel it is required.
What is being described above is tech-bro shittery. Calling a major event because you haven't hit a sales target should keep the C-Suite up at night, sure, but calling in techs and devs and 'sacrificing the L and the B in Work Life Balance'? The C-Suite should be making the strategic decisions to reverse the decline, not suddenly drag everyone into a meeting to fix their lack of foresight and working towards an end that the average tech/dev cannot influence.