Yeah this is pretty common in most large enterprises. If your company is not in a hyper-growth stage (i.e. its a cash cow) then upper management positions become a game of musical chairs and political infighting as some leaders try to promote "their" people to top positions to hold on to their power and status.

I guess there are certain folks who find this enjoyable. Personally I find it a massive waste of really good talent and perhaps the single biggest reason why I enjoy the dynamism of the SV startup ecosystem even if I don't directly participate in it.