CEOs mostly just set direction, the workforce remains the same (sans mass-layoffs).
A giant machine sheds all that slows down its drive (to somewhere), even by thinking too much, and, at a certain size, it may actually be an advantage
Even if a company tries to get rid of the bad people, once you start doing random, the line must go up layoffs, the best people leave and then use their network within the company to poach the next down layers of good people. Current American 'layoff while spending the money on stock buybacks' is corporate suicide.
This was approved by the CEO, without doubt.